SCHEDULES
SCHEDULE 7Remittance basis
Part 2Non-resident companies and trusts etc
Attribution of gains to beneficiaries: commencement etc
118
1
This paragraph applies if—
a
section 87 of TCGA 1992 applies to a settlement for the tax year 2008-09 or any subsequent tax year (“the tax year”),
b
the settlement was made before 17 March 1998,
c
none of the settlors fulfilled the residence requirements when the settlement was made, and
d
none of the settlors fulfils the residence requirements in the tax year.
2
For the purposes of that section as it applies to the settlement for the tax year, no account is to be taken of—
a
any gains or losses accruing to the trustees of the settlement before 17 March 1998, or
b
any capital payments received before that date.
3
A settlor “fulfils the residence requirements” when the settlor is—
a
resident or ordinarily resident in the United Kingdom, and
b
domiciled in any part of the United Kingdom.