Part III U.K. Individuals, partnerships, trusts and collective investment schemes [F1 etc]

Textual Amendments

F1 Word in Pt. 3 heading inserted (with effect in accordance with Sch. 22 para. 12 of the amending Act) by Finance Act 2009 (c. 10), Sch. 22 para. 9; S.I. 2010/670, art. 2

Chapter II U.K. Settlements

Migration of settlements, non-resident settlements and dual resident settlements U.K.

[F2 87FSections 87 and 87A: disregarded payments in year settlement ends U.K.

(1) This section applies in relation to a settlement if—

(a) in a particular tax year, the settlement ceases to exist,

(b) two or more beneficiaries (“the recipients”) in the year receive capital payments from the trustees, and

(c) at least one of the recipients is, and at least one is not, a non-resident beneficiary.

(2) Those capital payments, so far as received by such of the recipients as are non-resident beneficiaries, are not within section 87D(2).

(3) In this section “non-resident beneficiary” means a beneficiary who at all times in the year is not resident in the United Kingdom.]

Textual Amendments

F2 Ss. 87D-87P inserted (with effect in accordance with Sch. 10 para. 1(12)-(15) of the amending Act) by Finance Act 2018 (c. 3), Sch. 10 para. 1(1)