SCHEDULES
SCHEDULE 7Remittance basis
Part 2Non-resident companies and trusts etc
141Attribution of gains to beneficiaries: cases involving transfers of value
For paragraph 9 (and the heading before it) substitute—
9Attribution of gains: disregard of certain capital payments
1
For the purposes of paragraph 8 (and section 87A as it applies for the purposes of that paragraph), no account is to be taken of a capital payment to which any of sub-paragraphs (2) to (4) applies (or a part of a capital payment to which sub-paragraph (4) applies).
2
This sub-paragraph applies to a capital payment received before the tax year preceding the tax year in which the original transfer is made.
3
This sub-paragraph applies to a capital payment that—
a
is received by a beneficiary of a settlement from the trustees in a tax year during the whole of which the trustees—
i
are resident and ordinarily resident in the United Kingdom, and
ii
are not Treaty non-resident,
b
was made before any transfer of value to which Schedule 4B applies was made, and
c
was not made in anticipation of the making of any such transfer of value or of chargeable gains accruing under that Schedule.
4
This sub-paragraph applies to a capital payment if (and to the extent that) it is received (or treated as received) in a tax year from the trustees by a company that—
a
is not resident in the United Kingdom in that year, and
b
would be a close company if it were resident in the United Kingdom,
(and is not treated under any of subsections (3) to (5) of section 96 as received by another person).