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Version Superseded: 19/07/2006
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Taxation of Chargeable Gains Act 1992, Section 169F is up to date with all changes known to be in force on or before 15 July 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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(1)For the purposes of this section and sections 169B to 169D, an individual is to be regarded as having an interest in a settlement if subsection (2) or (3) below applies.
(2)This subsection applies if—
(a)any property which may at any time be comprised in the settlement, or
(b)any derived property,
is, or will or may become, payable to or applicable for the benefit of the individual or his spouse [F2or civil partner] in any circumstances whatsoever.
(3)This subsection applies if the individual or his spouse [F3or civil partner] enjoys a benefit deriving directly or indirectly from—
(a)any property which is comprised in the settlement, or
(b)any derived property.
(4)The references in subsections (2) and (3) above to the spouse [F4or civil partner] of the individual do not include—
(a)a spouse [F5or civil partner] from whom the individual is separated—
(i)under an order of a court,
(ii)under a separation agreement, or
(iii)in such circumstances that the separation is likely to be permanent, or
(b)the widow or widower [F6or surviving civil partner] of the individual.
(5)An individual is not to be regarded as having an interest in a settlement by virtue of subsection (2) above if and so long as none of the property which may at any time be comprised in the settlement, and no derived property, can become payable or applicable as mentioned in that provision except in the event of—
[F7(a)in the case of a marriage settlement or civil partnership settlement, the death of both parties to the marriage or civil partnership and of all or any of the children of the family of the parties to the marriage or civil partnership, or]
(b)the death of a child of the individual where the child had become beneficially entitled to the property or any derived property at an age not exceeding 25.
[F8(5A)In subsection (5) “child of the family”, in relation to parties to a marriage or civil partnership, means a child of one or both of them.]
(6)In this section “derived property”, in relation to any property, means—
(a)income from that property,
(b)property directly or indirectly representing—
(i)proceeds of that property, or
(ii)proceeds of income from that property, or
(c)income from property which is derived property by virtue of paragraph (b) above.]
Textual Amendments
F1Ss. 169B-169G inserted (with effect in accordance with Sch. 21 para. 10(4) of the amending Act) by Finance Act 2004 (c. 12), Sch. 21 para. 4
F2Words in s. 169F(2) inserted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 114(2)
F3Words in s. 169F(3) inserted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 114(3)
F4Words in s. 169F(4) inserted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 114(4)(a)
F5Words in s. 169F(4)(a) inserted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 114(4)(b)
F6Words in s. 169F(4)(b) inserted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 114(4)(c)
F7S. 169F(5)(a) substituted (with effect in accordance with reg. 1(6) of the amending S.I.) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 114(5)
F8S. 169F(5A) inserted (with effect in accordance with reg. 1(6) of the amending S.I.) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 114(6)
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