SCHEDULES
SCHEDULE 34Policies of life insurance etc: miscellaneous amendments
Part 2Charitable and non-charitable trusts
Method of charging gain to tax: multiple interests
8
1
Section 547A of the Taxes Act 1988 is amended as follows.
2
In subsection (3)
(the cases where a person has a relevant interest) in paragraph (a)
(which refers to trusts created by an individual) before “trusts” insert “
non-charitable
”
.
3
In paragraph (b) of that subsection (which refers to trusts created by a company) before “trusts” insert “
non-charitable
”
.
4
After paragraph (c) of that subsection (personal representatives) insert—
cc
in the case of trustees of a charitable trust, if a share in the rights is held by them or as security for a debt owed by them;
5
In paragraph (d) of that subsection (trustees) after “trustees” insert “
of a non-charitable trust
”
.
6
For the word “or” at the end of sub-paragraph (i) of that paragraph substitute the following sub-paragraph—
ia
if a share in the rights is held by them which does not also fall within paragraph (a), (b) or (c) above or sub-paragraph (i) above; or
7
In subsection (6)
(rights or share held on trusts created by two or more persons) before “trusts”, where first occurring, insert “
non-charitable
”
.
8
In subsection (10) (case where different shares of the whole trust property originate from different persons)—
a
in paragraph (a), before “trusts” insert “
non-charitable
”
; and
b
in the closing words, before “trusts” insert “
non-charitable
”
.