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Textual Amendments
F1Sch. 12 para. 3 omitted (with effect in accordance with Sch. 2 para. 22 of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 2 para. 21(j)
4(1)In section 169F of TCGA 1992 (meaning of “interest in a settlement” for purposes of sections 169B to 169D)—U.K.
(a)in subsection (1) for “or (3)” substitute “ , (3) or (3A) ”,
(b)in subsection (2)(a) after “any property which” insert “ is or ”,
(c)after subsection (3) insert—
“(3A)This subsection applies if—
(a)any property which is or may at any time be comprised in the settlement, or any derived property, is, or will or may become, payable to or applicable for the benefit of a child of the individual, at a time when that child is a dependent child of his, in any circumstances whatsoever, or
(b)a dependent child of the individual enjoys a benefit deriving directly or indirectly from any property which is comprised in the settlement or any derived property.”, and
(d)after subsection (4) insert—
“(4A)In this section—
(a)“dependent child” means a child who—
(i)is under the age of 18 years,
(ii)is unmarried, and
(iii)does not have a civil partner, and
(b)“child” includes a stepchild.
(4B)For the purposes of subsection (3A) above no account shall be taken of a term of a settlement relating to dependent children of an individual in respect of any time at which he has no dependent child.”
(2)Sub-paragraph (1) shall have effect for the purpose of determining whether for the purposes of sections 169B to 169D and 169F an individual is to be regarded as having an interest in a settlement (whenever created) on or after 6th April 2006.
(3)But sub-paragraph (1) shall not have effect in relation to section 169C if the relevant disposal (within the meaning of section 169C(1)) is made on or before 5th April 2006.
5(1)In paragraph 7(5) of Schedule 4A to TCGA 1992 (disposal of interest in settled property)—U.K.
(a)leave out “or” at the end of paragraph (a), and
(b)after paragraph (b) insert— “, or
(c)in a case where the settlor is regarded as having an interest in a settlement by reason only of—
(i)the fact that property is, or will or may become, payable to or applicable for the benefit of a dependent child of his, or
(ii)the fact that a benefit is enjoyed by such a child,
where the settlor ceases during the year to have (and does not in that year subsequently come to have) any dependent child in relation to whom section 77(2A)(a) or (b) applies.”
(2)Sub-paragraph (1) shall have effect for the purpose of determining whether a settlor is regarded as having an interest in a settlement (whenever created) for the purposes of Schedule 4A to TCGA 1992 on or after 6th April 2006.