SCHEDULE 29Transfers of value: attribution of gains to beneficiaries
Minor and consequential amendments
6
(1)
In paragraph 10(1) for “of the transferor settlement, or of any transferee settlement,” substitute “
of any relevant settlement
”
.
(2)
In paragraph 12—
(a)
in sub-paragraph (1)(a) for “arising under Schedule 4B” substitute “
included in a settlement’s Schedule 4C pool
”
,
(b)
in sub-paragraph (2) for “the Schedule 4B trust gains” substitute “
the settlement’s Schedule 4C gains
”
, and
(c)
in sub-paragraph (3) for “the transferor or transferee settlements” substitute “
any relevant settlement
”
.
(3)
In paragraph 13(5)(a) for “that in which the transfer of value was made” substitute “
the year of the gain (determined in accordance with paragraph 8B(3))
”
.
(4)
“Effect of settlement ceasing to exist after transfer of value
13A
Where a settlement ceases to exist after the trustees have made a transfer of value to which Schedule 4B applies, this Schedule has effect as if a year of assessment had ended immediately before the settlement ceased to exist.”.