2(1)Section 271 of TCGA 1992 (other miscellaneous exemptions) is amended as follows.U.K.
(2)After subsection (1)(e) insert—
“(ea)any gain accruing on the disposal by the trustees of an asbestos compensation settlement of any property comprised in the settlement;”.
(3)After subsection (1) insert—
“(1ZA)In subsection (1)(ea) above “asbestos compensation settlement” means a settlement—
(a)the sole or main purpose of which is making compensation payments to or in respect of individuals who have, or had before their death, an asbestos-related condition, and
(b)which is made before 24 March 2010 in pursuance of an arrangement within subsection (1ZB) below.
(1ZB)An arrangement is within this subsection if it is—
(a)a voluntary arrangement that has taken effect under Part 1 of the Insolvency Act 1986 or Part 2 of the Insolvency (Northern Ireland) Order 1989,
(b)a compromise or arrangement that has taken effect under section 425 of the Companies Act 1985, Article 418 of the Companies (Northern Ireland) Order 1986 or Part 26 of the Companies Act 2006, or
(c)an arrangement or compromise of a kind corresponding to any of those mentioned in paragraph (a) or (b) above that has taken effect under, or as a result of, the law of a country or territory outside the United Kingdom.”
(4)The amendments made by this paragraph are treated as having come into force on 6 April 2006.