Paragraph 1 F1F2
United Kingdom
This Schedule applies where the trustees of a settlement (“the transferor settlement”) make a transfer of value to which Schedule 4B applies (“the original transfer”).
The transferor settlement is regarded for the purposes of this Schedule as having a “Schedule 4C pool”.
The Schedule 4C pool contains F4the section 1(3) amounts for the settlement that are outstanding at the end of the tax year in which the original transfer is made (see paragraph 1A).
The section 1(3) amount for that tax year is increased by—
the amount of Schedule 4B trust gains accruing by virtue of the original transfer (see paragraphs 3 to 7), and
the total amount of any further Schedule 4B trust gains accruing by virtue of any further transfers of value to which that Schedule applies that are made by the trustees in that tax year.
Paragraphs 8 to 9 provide for the attribution of gains in a settlement’s Schedule 4C pool.
References in this Schedule to a transfer to which Schedule 4B applies include any such transfer, whether or not any chargeable gain or allowable loss accrues under that Schedule by virtue of the transfer.
Annotations
Textual amendments
- F1
Sch. 4C inserted (with effect in accordance with s. 92(5) of the amending Act) by Finance Act 2000 (c. 17), s. 92(4), Sch. 26 Pt. I
- F2
Sch. 4C para. 1 and cross-heading substituted for Sch. 4C paras. 1, 2 (10.7.2003) by Finance Act 2003 (c. 14), Sch. 29 para. 2 (with s. 163(4)-(6))
- F3
Sch. 4C para. 1(2)-(3A) substituted for Sch. 4C para. 1(2)(3) (with effect in accordance with Sch. 7 para. 147 of the amending Act) by Finance Act 2008 (c. 9), Sch. 7 para. 132 (with Sch. 7 para. 155)
- F4
Words in Sch. 4C substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 89(2)
Notes on Schedule 4C
Modifications
- C1
Sch. 4C modified (21.7.2008) by Finance Act 2008 (c. 9), Sch. 7 paras. 152-155
- C2
Sch. 4C applied (with modifications) by Income and Corporation Taxes Act 1988 (c. 1), s. 762(3) (as substituted (with effect in accordance with Sch. 7 para. 98 of the amending Act) by Finance Act 2008 (c. 9), Sch. 7 para. 93(3))
- C3
Sch. 4C applied (with modifications) (with effect in accordance with art. 1(2)(3), Sch. 1 of the affecting S.I.) by The Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001), regs. 1(1), 20(3)