6(1)In this Schedule—U.K.
“the 1992 Act” means the M1Taxation of Chargeable Gains Act 1992;
“qualifying settlement”, in relation to any year of assessment, means a settlement that is a qualifying settlement in that year for the purposes of section 86 of and Schedule 5 to the 1992 Act;
“settlor”, in relation to a settlement, has the same meaning as in Schedule 5 to the 1992 Act.
(2)In this Schedule “protected settlement”, in relation to any time and any settlor, means (subject to sub-paragraph (3) below)—
(a)a settlement that is a protected settlement at that time, within the meaning given by sub-paragraph (10A) of paragraph 9 of Schedule 5 to the 1992 Act, or
(b)a settlement that would be such a settlement at that time if that settlor were the only settlor of the settlement.
(3)For the purposes of construing, in accordance with sub-paragraph (2) above, the references in paragraphs 2(8) and 3(8) above to a protected settlement, paragraph 9(10A)(a) of Schedule 5 to the 1992 Act shall be deemed to have effect with the omission of the words “or who were under that age at the end of the immediately preceding year of assessment".
(4)References in this Schedule to the condition as to residence are references to the condition set out in section 86(2) of the 1992 Act.
(5)For the purposes of this Schedule a person is a beneficiary of a settlement if—
(a)there are any circumstances whatever in which property which is or may become comprised in the settlement is or will or may become applicable for his benefit or payable to him;
(b)there are any circumstances whatever in which income which arises or may arise from property comprised in the settlement is or will or may become applicable for his benefit or payable to him;
(c)he enjoys a benefit directly or indirectly from any property comprised in the settlement or any income arising from any such property;
and references in this paragraph to the property comprised in the settlement in respect of which a person is a beneficiary shall be construed accordingly.
(6)For the purposes of this paragraph, paragraph 8 of Schedule 5 to the 1992 Act shall apply for determining if property is property originating from any person as it applies for the purposes of that Schedule.
(7)Expressions used in this Schedule and in the 1992 Act have the same meanings in this Schedule as in that Act.
Marginal Citations