[F14(1)This paragraph applies if a settlement is created on or after 19th March 1991, and at the time it is created—U.K.
(a)the trustees are not resident or ordinarily resident in the United Kingdom, or
(b)the trustees are resident or ordinarily resident in the United Kingdom but fall to be regarded for the purposes of any double taxation relief arrangements as resident in a territory outside the United Kingdom.
(2)Any person who—
(a)is a settlor in relation to the settlement at the time it is created,
(b)at that time does not fulfil the condition mentioned in sub-paragraph (3) below, and
(c)first fulfils that condition at a time falling on or after the commencement day,
shall, before the expiry of the period of twelve months beginning with the relevant day, deliver to the Board a return specifying the particulars mentioned in sub-paragraph (4) below.
(3)The condition is that the person concerned is domiciled in the United Kingdom and is either resident or ordinarily resident in the United Kingdom.
(4)The particulars are—
(a)the day on which the settlement was created;
(b)the name and address of the person delivering the return;
(c)the names and addresses of the persons who are the trustees immediately before the delivery of the return.
(5)For the purposes of sub-paragraph (2) above the relevant day is the day on which the person first fulfils the condition as mentioned in paragraph (c) of that sub-paragraph.]
Textual Amendments
F1Sch. 5A inserted (3.5.1994) by Finance Act 1994 (c. 9), s. 97(3)