Paragraph 123

(1)

Schedule 4C (transfers of value: attribution of gains to beneficiaries) is amended as follows.

(2)

In paragraph 6(1)(b), for “year of return” substitute “ period of return ”.

(3)

In paragraph 12(1)—

(a)

for paragraph (a) substitute—

“(a)
by virtue of section 10A, an amount of chargeable gains within section 86(1)(e) that accrued in a tax year (“year A”) to the trustees of a settlement would be treated as accruing to a person (“the settlor”) in the period of return, and”, and

(b)

in paragraph (b), for “the intervening year” substitute “ year A ”.

(4)

In paragraph 12(2), for “year of return” substitute “ period of return ”.

(5)

In paragraph 12A(1)—

(a)

for “year of return” substitute “ period of return ”, and

(b)

for “an intervening year” substitute “ the temporary period of non-residence ”.