SCHEDULES
SCHEDULE 21Chargeable gains: restriction of gifts relief etc
Payment by instalments of tax on gifts
6
1
Section 281 of the Taxation of Chargeable Gains Act 1992 is amended as follows.
2
In subsection (2)
(option to pay capital gains tax by instalments by giving notice to inspector) for “the inspector” substitute “
an officer of the Board
”
.
3
After subsection (7) insert—
8
Subsection (2) above applies in relation to a chargeable gain accruing to a transferor under section 169C(7) (clawback of relief under section 165 or 260 if settlement becomes settlor-interested etc) as it applies in relation to a gain accruing to a person on a disposal if—
a
the relevant disposal (within the meaning of section 169C) in question was a disposal of the whole or any part of any assets to which this section applies, and
b
at the material time (within the meaning of that section), no part of the subject-matter of that relevant disposal has been disposed of for valuable consideration under a subsequent disposal (whether made by the trustees to whom that relevant disposal was made or by some other person).
9
Where subsection (2) above so applies, subsections (4) to (7) above apply accordingly but as if for paragraphs (a) and (b) of subsection (7) there were substituted
“ any part of the subject-matter of the relevant disposal in question is disposed of for valuable consideration under a subsequent disposal (whether made by the trustees to whom that relevant disposal was made or by some other person). ”.