Part 1 Capital Gains Tax
Finance Act 2018 (2018 c 3) | Legislation

SCHEDULE 10 Settlements: Anti-Avoidance etc

Section 35

Part 1 Capital Gains Tax

TCGA 1992

1

(1)     In TCGA 1992, after section 87C insert—

“87D Sections 87 and 87A: disregard of capital payments to non-residents

(1)     For the purposes of sections 87 and 87A as they apply in relation to a settlement, no account is to be taken of a capital payment (or a part of a capital payment) within subsection (2), but this—

(a)     is subject to subsection (3) and section 87E, and

(b)     does not affect the operation of sections 87I to 87L (see, in particular, sections 87K(2) and 87L(2) which apply sections 87 and 87A by reference to the payment mentioned in section 87I(1)(a)).

(2)     A capital payment is within this subsection if (and to the extent that) it is in a tax year received from the trustees of the settlement by a beneficiary who at all times in that year is not resident in the United Kingdom, but this is subject to section 87F.

(3)     Subsection (1) does not apply in relation to a capital payment (or a part of a capital payment) if—

(a)     the recipient beneficiary is a close member of the settlor's

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