Part III Individuals, partnerships, trusts and collective investment schemes etc

Chapter II Settlements

Migration of settlements, non-resident settlements and dual resident settlements

F183ATrustees both resident and non-resident in a year of assessment

(1)

This section applies if a chargeable gain accrues to the trustees of a settlement on the disposal by them of an asset in a year of assessment and the trustees—

(a)

are within the charge to capital gains tax in that year of assessment, but

(b)

are non-UK resident at the time of the disposal.

(2)

Where this section applies, nothing in any double taxation relief arrangements shall be read as preventing the trustees from being chargeable to capital gains tax (or as preventing a charge to tax arising, whether or not on the trustees) by virtue of the accrual of that gain.

(3)

For the purposes of this section the trustees of a settlement are within the charge to capital gains tax in a year of assessment—

(a)

if, during any part of that year of assessment, they are resident F2and ordinarily resident in the United Kingdom and not Treaty non-resident, F3...

F4(b)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4)

For the purposes of this section the trustees of a settlement are non-UK resident at a particular time if, at that time,—

(a)

they are neither resident nor ordinarily resident in the United Kingdom, or

(b)

they are F5resident and ordinarily resident in the United Kingdom but are Treaty non-resident.

F6(5)

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