Modifications etc. (not altering text)
C1Sch. 4 applied (with modifications) ( temp. from 6.4.1999 to 6.4.2004) by S.I. 1998/1871, reg. 4
14(1)Section 660C of the Taxes Act 1988 (settlements where the settlor retains an interest: nature of the charge on settlor) shall be amended as follows.U.K.
(2)In subsection (1) (tax to be charged under Case VI of Schedule D) for “under Case VI of Schedule D” there shall be substituted—
“(a)in the case of income falling within subsection (1A) below, as if it were income to which section 1A applies by virtue of subsection (2)(b) of that section; and
(b)in the case of any other income, under Case VI of Schedule D”.
(3)After subsection (1) there shall be inserted—
“(1A)Income falls within this subsection if it is—
(a)income chargeable under Schedule F;
(b)income to which section 1A applies by virtue of its being equivalent foreign income falling within subsection (3)(b) of that section and chargeable under Case V of Schedule D;
(c)a distribution in relation to which section 233(1) applies;
(d)a qualifying distribution whose amount or value is determined in accordance with section 233(1A);
(e)a non-qualifying distribution, within the meaning of section 233(1B);
(f)income treated as arising by virtue of section 249;
(g)income treated as received by virtue of section 421(1)(a).”
(4)This paragraph has effect for the year 1999-00 and subsequent years of assessment.