Part 2 Protection of Overseas Trusts
Finance (No 2) Act 2017 (2017 c 32) | Legislation

Part 2 Protection of Overseas Trusts

TCGA 1992

18

In Schedule 5 to TCGA 1992 (provisions supplementing section 86 of TCGA 1992), after paragraph 5 insert—

“5´¡

(1)     Section 86 does not apply in relation to a year (“the particular yearâ€) if Conditions A to D are met.

(2)     Condition A is that the particular year is—

(a)     the tax year 2017–18, or

(b)     a later tax year.

(3)     Condition B is that when the settlement is created the settlor—

(a)     is not domiciled in the United Kingdom, and

(b)     if the settlement is created on or after 6 April 2017, is not deemed domiciled in the United Kingdom.

(4)     Condition C is that there is no time in the particular year when the settlor is—

(a)     domiciled in the United Kingdom, or

(b)     deemed domiciled in the United Kingdom by virtue of Condition A in section 835BA of ITA 2007.

(5)     Condition D is that no property or income is provided directly or indirectly for the purposes of the settlement by the settlor, or by the trustees of another settlement of which the settlor is the settlor or a beneficiary, at a time

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