Finance Act 2003 (c. 14)

SCHEDULES

SCHEDULE 29 U.K. Transfers of value: attribution of gains to beneficiaries

Minor and consequential amendments U.K.

6 (1) In paragraph 10(1) for “of the transferor settlement, or of any transferee settlement,” substitute “ of any relevant settlement ”. U.K.

(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) After paragraph 13 insert—

“Effect of settlement ceasing to exist after transfer of value U.K.

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.”.