SCHEDULE 29 Transfers of Value: Attribution of Gains to Beneficiaries
Finance Act 2003 (2003 c 14) | Legislation

SCHEDULE 29 Transfers of Value: Attribution of Gains to Beneficiaries

Section 163(2)

Introduction

1

Schedule 4C to the Taxation of Chargeable Gains Act 1992 (c 12) (transfers of value: attribution of gains to beneficiaries) is amended as follows.

Scope and scheme of Schedule

2

For paragraphs 1 and 2 (introduction and general scheme of Schedule) substitute—

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1

(1)     This Schedule applies where the trustees of a settlement (“the transferor settlementâ€) make a transfer of value to which Schedule 4B applies (“the original transferâ€).

(2)     Where this Schedule applies, the following gains—

(a)     any Schedule 4B trust gains accruing by virtue of the transfer (see paragraphs 3 to 7), and

(b)     any outstanding section 87/89 gains of the transferor settlement at the end of the year of assessment in which the transfer is made (see paragraph 7A),

are pooled for the purpose of attributing them, in accordance with this Schedule, to beneficiaries who receive capital payments.

Paragraph 7B provides for further gains to be brought into the pool in the case of a further transfer of value.

(3)     The gains mentioned in sub-paragraph (2) are referred to in this Schedule as “Schedule

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