Paragraph 266

(1)

Amend Schedule 5 (attribution of gains to settlors with interest in non-resident or dual resident settlement) as follows.

(2)

In paragraph 2—

(a)

in sub-paragraph (8)—

(i)

for “section 416 of the Taxes Act” substitute “ sections 450 and 451 of CTA 2010 ”,

(ii)

for “section 416(6)” substitute “ section 451(4) to (6) of CTA 2010 ”,

(b)

in sub-paragraph (9)—

(i)

for “section 416 of the Taxes Act” substitute “ section 449 of CTA 2010 ”,

(ii)

for “section 416(6)” substitute “ section 451(4) to (6) of CTA 2010 ”, and

(c)

in sub-paragraph (10) for “section 417(1) of the Taxes Act” substitute “ section 454 of CTA 2010 ”.

(3)

In paragraph 2A—

(a)

in sub-paragraph (8)—

(i)

for “section 416 of the Taxes Act” substitute “ sections 450 and 451 of CTA 2010 ”,

(ii)

for “section 416(6)” substitute “ section 451(4) to (6) of CTA 2010 ”,

(b)

in sub-paragraph (9)—

(i)

for “section 416 of the Taxes Act” substitute “ section 449 of CTA 2010 ”,

(ii)

for “section 416(6)” substitute “ section 451(4) to (6) of CTA 2010 ”, and

(c)

in sub-paragraph (10) in the definition of “participator” for “section 417(1) of the Taxes Act” substitute “ section 454 of CTA 2010 ”.

(4)

In paragraph 8—

(a)

in sub-paragraph (8)—

(i)

for “section 416 of the Taxes Act” substitute “ sections 450 and 451 of CTA 2010 ”,

(ii)

for “section 416(6)” substitute “ section 451(4) to (6) of CTA 2010 ”, and

(b)

in sub-paragraph (9) for “section 417(1) of the Taxes Act” substitute “ section 454 of CTA 2010 ”.

(5)

In paragraph 9—

(a)

in sub-paragraph (9)—

(i)

for “section 416 of the Taxes Act” substitute “ sections 450 and 451 of CTA 2010 ”,

(ii)

for “section 416(6)” substitute “ section 451(4) to (6) of CTA 2010 ”,

(b)

in sub-paragraph (10)—

(i)

for “section 416 of the Taxes Act” substitute “ section 449 of CTA 2010 ”,

(ii)

for “section 416(6)” substitute “ section 451(4) to (6) of CTA 2010 ”, and

(c)

in sub-paragraph (11) in the definition of “participator” for “section 417(1) of the Taxes Act” substitute “ section 454 of CTA 2010 ”.