SCHEDULE 22 Transitional Provision and Consequential Amendments for Section 131
Finance Act 1998 (1998 c 36) | Legislation

SCHEDULE 22 Transitional Provision and Consequential Amendments for Section 131

Section 131

Introductory

1

The Taxation of Chargeable Gains Act 1992 shall be amended as follows.

Transitional for settlements created before 17th March 1998

2

(1)     In the words at the end of sub-paragraph (1) of paragraph 2 of Schedule 5 (which specifies the provisions to which that sub-paragraph is subject), after “(4) to (6)†there shall be inserted “and paragraph 2Aâ€.

(2)     After that paragraph there shall be inserted the following paragraph—

“Settlements created before 17th March 1998
2A

(1)     In determining for the purposes of section 86(1)(d) whether the settlor has an interest at any time during any year of assessment in a settlement created before 17th March 1998, paragraphs (da) and (db) of paragraph 2(3) above, and the reference to those paragraphs in paragraph 2(3)(e), shall be disregarded unless—

(a)     that year is a year in which one of the four conditions set out in the following provisions of this paragraph becomes fulfilled as regards the settlement; or

(b)     one of those conditions became fulfilled as regards that settlement in any previous year of assessment ending on or after 5th April 1998.

(2)

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