(1)This section has effect in relation to a tax year if—
(a)in the tax year chargeable gains accrue to the trustees of a settlement from the disposal of settled property which is held on qualifying trusts for the benefit of a vulnerable person (“the qualifying trusts gains”),
(b)the trustees would (apart from this Chapter) be chargeable to capital gains tax in respect of those gains,
(c)the trustees are either resident in the United Kingdom during any part of the tax year or ordinarily resident in the United Kingdom during the tax year, and
(d)a claim for special tax treatment under this Chapter for the tax year is made by the trustees.
(2)Special capital gains tax treatment applies for the tax year in accordance with—
(a)section 31 (vulnerable person UK resident during the tax year), or
(b)section 32 (vulnerable person non-UK resident during the tax year).
(3)But this section does not have effect in relation to the tax year if the vulnerable person dies during that year.
(4)The reference in subsection (1)(a) to chargeable gains accruing to the trustees from the disposal of settled property includes a reference to chargeable gains treated as accruing to them under section 13 of TCGA 1992 (attribution of gains to members of non-resident companies).
(5)For the purposes of this section and sections 31 and 32 whether a vulnerable person is UK resident or non-UK resident during a tax year is to be determined in accordance with section 41(2).