Amendments to the Child Trust Funds Regulations 200418

In regulation 38 (application of the provisions of Chapter 2 of Part 13 of the Taxes Act to policies)—

a

in the title to the regulation after “Taxes Act” insert “and of Chapter 9 of Part 4 of ITTOIA 2005;

b

in paragraph (4) for the words from “in whole” to the end substitute” of all rights under the policy for the purposes of section 484(1)(a)(i) of ITTOIA 2005”;

c

for paragraph (5) substitute—

5

Section 530 of ITTOIA 2005 does not apply to a gain in a case to which paragraph (1) applies.

d

in each of paragraphs (9) and (10)(a), for “lower” substitute “basic”;

e

in paragraph (10)(b) for “section 832(1) of the Taxes Act” substitute “section 10(3) of ITA 2007”.