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PART II |
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CONSEQUENTIAL AMENDMENTS |
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Taxation of Chargeable Gains Act 1992 (c.12) |
| | 2. In section 90 of the Taxation of Chargeable Gains Act 1992 (transfers between settlements), after subsection (4) add-
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"(5) This section shall not apply-
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(a) to a transfer to the extent that it is in accordance with Schedule 4B treated as linked with trustee borrowing; or |
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(b) to any chargeable gains arising by virtue of that Schedule.". |
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| | 3. In section 96 of the Taxation of Chargeable Gains Act 1992 (payments by and to companies), in subsections (1) and (2) after "sections 87 to 90" insert "and Schedule 4C"
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| | 4. In section 97 of the Taxation of Chargeable Gains Act 1992 (supplementary provisions), in subsections (1), (3)(a), (4), (5), (7) and (8), after "sections 86A to 96" insert "and Schedule 4C".
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| | 5. In section 98 of the Taxation of Chargeable Gains Act 1992, after subsection (2) add-
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"(3) The provisions of subsections (1) and (2) above have effect as if the references to sections 87 to 90 included references to Schedule 4C.".
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Taxes Act 1988 |
| | 6. In section 740(6) of the Taxes Act 1988 (income tax charge in case of transfer of assets to non-resident: exclusion of benefit giving rise to charge to capital gains tax)-
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(a) for "within the meaning of section 87 or 89(2) of the 1992 Act" substitute "to which section 87 or 89(2) of, or paragraph 8 of Schedule 4C to, the 1992 Act applies"; |
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(b) for "non-resident and migrant settlements" substitute "gains attributed to beneficiaries"; and |
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(c) after "either of those sections" insert ", or that paragraph,". |
