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Taxation of Chargeable Gains Act 1992

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97Supplementary provisions

(1)In sections 87 to 96 and this section “capital payment”—

(a)means any payment which is not chargeable to income tax on the recipient or, in the case of a recipient who is neither resident nor ordinarily resident in the United Kingdom, any payment received otherwise than as income, but

(b)does not include a payment under a transaction entered into at arm’s length if it is received on or after 19th March 1991.

(2)In subsection (1) above references to a payment include references to the transfer of an asset and the conferring of any other benefit, and to any occasion on which settled property becomes property to which section 60 applies.

(3)The fact that the whole or part of a benefit is by virtue of section 740(2)(b) of the Taxes Act treated as the recipient’s income for a year of assessment after that in which it is received—

(a)shall not prevent the benefit or that part of it being treated for the purposes of sections 87 to 96 as a capital payment in relation to any year of assessment earlier than that in which it is treated as his income; but

(b)shall preclude its being treated for those purposes as a capital payment in relation to that or any later year of assessment.

(4)For the purposes of sections 87 to 96 the amount of a capital payment made by way of loan, and of any other capital payment which is not an outright payment of money, shall be taken to be equal to the value of the benefit conferred by it.

(5)For the purposes of sections 87 to 90 a capital payment shall be regarded as received by a beneficiary from the trustees of a settlement if—

(a)he receives it from them directly or indirectly, or

(b)it is directly or indirectly applied by them in payment of any debt of his or is otherwise paid or applied for his benefit, or

(c)it is received by a third person at the beneficiary’s direction.

(6)Section 16(3) shall not prevent losses accruing to trustees in a year of assessment for which section 87 of this Act or section 17 of the 1979 Act applied to the settlement from being allowed as a deduction from chargeable gains accruing in any later year (so far as they have not previously been set against gains for the purposes of a computation under either of those sections or otherwise).

(7)In sections 87 to 96 and in the preceding provisions of this section—

  • “settlement” and “settlor” have the meaning given by section 681(4) of the Taxes Act and “settlor” includes, in the case of a settlement arising under a will or intestacy, the testator or intestate, and

  • “settled property” shall be construed accordingly.

(8)In a case where—

(a)at any time on or after 19th March 1991 a capital payment is received from the trustees of a settlement or is treated as so received by virtue of section 96(1),

(b)it is received by a person, or treated as received by a person by virtue of section 96(2) to (5),

(c)at the time it is received or treated as received, the person is not (apart from this subsection) a beneficiary of the settlement, and

(d)subsection (9) or (10) below does not prevent this subsection applying,

for the purposes of sections 87 to 90 the person shall be treated as a beneficiary of the settlement as regards events occurring at or after that time.

(9)Subsection (8) above shall not apply where a payment mentioned in paragraph (a) is made in circumstances where it is treated (otherwise than by subsection (8) above) as received by a beneficiary.

(10)Subsection (8) above shall not apply so as to treat—

(a)the trustees of the settlement referred to in that subsection, or

(b)the trustees of any other settlement,

as beneficiaries of the settlement referred to in that subsection.

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