129 Attribution of gains to settlor in section 10A cases
Finance Act 1998 (1998 c 36) | Legislation

129  Attribution of gains to settlor in section 10A cases

(1)     After section 86 of the Taxation of Chargeable Gains Act 1992 there shall be inserted the following section—

“86A Attribution of gains to settlor in section 10A cases

(1)     Subsection (2) below applies in the case of a person who is a settlor in relation to any settlement (“the relevant settlement”) where—

(a)     by virtue of section 10A, amounts falling within section 86(1)(e) for any intervening year or years would (apart from this section) be treated as accruing to the settlor in the year of return; and

(b)     there is an excess of the relevant chargeable amounts for the non-residence period over the amount of the section 87 pool at the end of the year of departure.

(2)     Only so much (if any) of—

(a)     the amount falling within section 86(1)(e) for the intervening year, or

(b)     if there is more than one intervening year, the aggregate of the amounts falling within section 86(1)(e) for those years,

as exceeds the amount of the excess mentioned in subsection (1)(b) above shall fall in accordance

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