[F12(1)This paragraph applies if—U.K.
(a)a settlement was created before [F217th March 1998],
(b)on or after the commencement day a person transfers property to the trustees otherwise than under a transaction entered into at arm’s length and otherwise than in pursuance of a liability incurred by any person before that day,
(c)the trustees are [F3[F4not resident] in the United Kingdom] at the time the property is transferred, and
(d)the transferor knows, or has reason to believe, that the trustees are not so [F5resident F6... ].
(2)Before the expiry of the period of twelve months beginning with the relevant day, the transferor shall deliver to the Board a return which—
(a)identifies the settlement, and
(b)specifies the property transferred, the day on which the transfer was made, and the consideration (if any) for the transfer.
(3)For the purposes of sub-paragraph (2) above the relevant day is the day on which the transfer is made.]
Textual Amendments
F1Sch. 5A inserted (3.5.1994) by Finance Act 1994 (c. 9), s. 97(3)
F2Words in Sch. 5A para. 2(1)(a) substituted (with effect in accordance with s. 131(4) of, Sch. 22 para. 5(2) of the amending Act) by Finance Act 1998 (c. 36), Sch. 22 para. 5(1)
F3Words in Sch. 5A para. 2(1)(c) substituted (with effect in accordance with Sch. 12 para. 30(5) of the amending Act) by Finance Act 2006 (c. 25), Sch. 12 para. 30(1)(2)(c)
F4Words in Sch. 5A para. 2(1)(c) substituted (with effect in accordance with Sch. 46 para. 112 of the amending Act) by Finance Act 2013 (c. 29), Sch. 46 para. 109(2)(a) (with Sch. 46 para. 109(6))
F5Words in Sch. 5A para. 2(1)(d) substituted (with effect in accordance with Sch. 12 para. 30(5) of the amending Act) by Finance Act 2006 (c. 25), Sch. 12 para. 30(3)
F6Words in Sch. 5A para. 2(1)(d) omitted (with effect in accordance with Sch. 46 para. 112 of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 46 para. 109(2)(b) (with Sch. 46 para. 109(6))