{
  "url": "https://openlegislation.uk/finance-act-2006/schedule-12/paragraph-44",
  "json_url": "https://openlegislation.uk/finance-act-2006/schedule-12/paragraph-44.json",
  "legislation": "ukpga/2006/25",
  "legislation_title": "Finance Act 2006",
  "legislation_url": "https://openlegislation.uk/finance-act-2006",
  "path": "schedule/12/paragraph/44",
  "kind": "paragraph",
  "number": "44",
  "heading": null,
  "text": "(1) At the beginning of Schedule 1 to TCGA 1992 (trustees: exempt amount, etc) insert—\n“A1 (1) In determining the exempt amount available to the trustees of a settlement in relation to a year of assessment—\n(a) a principal settlement and its sub-fund settlements shall be treated, for the purposes of paragraphs 1 and 2 below, as if no sub-fund elections had been made, and\n(b) paragraph 3 below shall apply for the purposes of determining the exempt amount available to each member of the class consisting of a principal settlement and its sub-fund settlements.\n(2) The reference in sub-paragraph (1) above to a principal settlement and its sub-fund settlements means a principal settlement in respect of which one or more sub-fund elections are treated as having taken effect.”\n(2) After paragraph 2 of Schedule 1 to TCGA 1992 insert—\n“3 (1) The exempt amount available in relation to a year of assessment to the trustees of each settlement in the class consisting of a principal settlement and its sub-fund settlements shall be the exempt amount available to the trustees of the principal settlement in relation to the year, determined in accordance with paragraph 1 or 2 above as if no sub-fund elections had been made.\n(2) But if there are two or more non-excluded settlements in the class consisting of a principal settlement and its sub-fund settlements, the exempt amount available to the trustees of each settlement in the class in relation to the year shall be the amount specified in sub-paragraph (1) above divided by the number of non-excluded settlements in the class.\n(3) In this paragraph—\n“excluded settlement” has the meaning given by paragraph 2(7) above, and\nreferences to a settlement having sub-fund settlements, and similar expressions, are references to a settlement being the principal settlement in respect of which one or more sub-fund elections are treated as having taken effect.”",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [
    {
      "type": "omitted",
      "affecting": "ukpga/2008/9",
      "affecting_title": "Finance Act 2008"
    }
  ],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2006/25/schedule/12/paragraph/44",
    "retrieved_at": "2026-10-29T09:14:22.939634+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}