SCHEDULE 5 Attribution of Gains to Settlors With Interest in Non-resident or Dual Resident Settlement
Taxation of Chargeable Gains Act 1992 (1992 c 12) | Legislation

SCHEDULE 5 Attribution of Gains to Settlors With Interest in Non-resident or Dual Resident Settlement

Section 86

Construction of section 86(1)(e)

1

(1)     In construing section 86(1)(e) as regards a particular year of assessment, the effect of [section 1K] shall be ignored.

(2)     In construing section 86(1)(e) as regards a particular year of assessment—

(a)     any deductions provided for by [section 1(3)] shall be made in respect of disposals of any of the settled property originating from the settlor, and

(b)     section 16(3) shall be assumed not to prevent losses accruing to trustees in one year of assessment from being allowed as a deduction from chargeable gains accruing in a later year of assessment (so far as not previously set against gains).

(3)     In a case where—

(a)     the trustees [are participators in a company in respect of property which originates] from the settlor, and

(b)     under [section 3] gains or losses would be treated as accruing to the trustees in a particular year of assessment by virtue of [so much of their interest as participators as arises from that property] if the assumption as to residence specified in section 86(3) were made,

the gains or

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