SCHEDULES

F4SCHEDULE 5A Settlements with foreign element: information

Annotations:
Amendments (Textual)
F4

Sch. 5A inserted (3.5.1994) by Finance Act 1994 (c. 9), s. 97(3)

4

1

This paragraph applies if a settlement is created on or after 19th March 1991, and at the time it is created—

a

the trustees are F3F6not resident in the United Kingdom, or

b

the trustees are F2resident F5... 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 F1resident 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.