Part 4Savings and investment income

Chapter 8Profits from deeply discounted securities

Trustees

458Non-UK resident trustees

(1)

Tax is not charged under this Chapter if the disposal is made by the trustees of a settlement and they are non-UK resident.

(2)

The following provisions do not apply if the disposal falls within subsection (1)—

  • section 446 (strips of government securities: relief for losses), and

  • section 454 (listed securities held since 26th March 2003: relief for losses).

(3)

In this section “settlement” has the same meaning as in Chapter 5 of Part 5 (see section 620).