31UK resident vulnerable persons: section 77 treatmentU.K.
(1)Special capital gains tax treatment applies for the tax year in accordance with this section if the vulnerable person is UK resident during the tax year.
(2)Section 77(1) (and section 78 and section 79, apart from subsection (6)) of TCGA 1992 are to be treated as applying in relation to the qualifying trusts gains as if—
(a)the vulnerable person were a settlor in relation to the settlement,
(b)the settled property disposed of, and any other settled property disposed of at any time when it was relevant settled property, originated from him, and
(c)he had an interest in the settlement during the tax year.
(3)For the purposes of subsection (2)(b), property is “relevant settled property” at any time when—
(a)it is property held on the qualifying trusts for the benefit of the vulnerable person, and
(b)the trustees would (apart from this Chapter) be chargeable to capital gains tax in respect of any chargeable gains accruing to them on a disposal of it.