SCHEDULES

SCHEDULE 12Settlements: amendment of TCGA 1992 etc

Part 3Consequential and minor amendments

Residence of trustees

I135

1

In each of the provisions set out in sub-paragraph (2)—

a

for “resident in the United Kingdom during any part of the year or ordinarily resident in the United Kingdom during the year” substitute “ resident and ordinarily resident in the United Kingdom during any part of the year ”, and

b

for “such residence or ordinary residence” substitute “ such residence and ordinary residence ”.

2

Those provisions are—

a

section 86(2)(b) (trustees resident outside United Kingdom),

b

section 88(1) (gains of dual resident settlements), and

c

paragraph 5(1) of Schedule 4C (chargeable amount: dual resident settlement).

3

Sub-paragraph (2)(c) shall have effect in relation to a transfer of value made on or after 6th April 2007 (in relation to settlements whenever created).