SCHEDULE 23 Transitional Provision in Connection with Section 132
Finance Act 1998 (1998 c 36) | Legislation

SCHEDULE 23 Transitional Provision in Connection with Section 132

Section 132

Pre-6th April 1999 gains and losses of settlements that become qualifying

1

(1)     This paragraph applies to a settlement in the case of any person who is a settlor in relation to that settlement if that settlement—

(a)     is one created before 19th March 1991;

(b)     is not a qualifying settlement in the year 1998–99; and

(c)     is a qualifying settlement in the year 1999–00 without having been a protected settlement in relation to that settlor immediately after the beginning of 6th April 1999.

(2)     Subject to sub-paragraph (3) below, section 86 of the 1992 Act (attribution of gains to settlor of non-resident or dual resident trusts) shall have effect in relation to any settlement to which this paragraph applies—

(a)     as if any relevant gains or relevant losses accruing to the trustees of the settlement on or after 17th March 1998 and before 6th April 1999 were gains or losses accruing to those trustees on 6th April 1999; and

(b)     where it is not the case, as if the trustees fulfilled the condition as to residence in the year 1999–00.

(3)     Where (apart from sub-paragraph

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