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Paragraph 12A F1F2

United Kingdom

(1)

This paragraph applies where by virtue of F3section 1M an amount of gains would (apart from this Schedule) be treated under section 87 as accruing to a person (“the beneficiary”) in the F4period of return by virtue of a capital payment made to him in F5the temporary period of non-residence.

(2)

Where this paragraph applies, a capital payment equal to so much of that capital payment as exceeds the amount otherwise charged shall be deemed for the purposes of this Schedule to be made to the beneficiary in the year of return.

(3)

The “amount otherwise charged” means the total of any chargeable gains attributed to the beneficiary under section F687(2) or 89(2) by virtue of the capital payment.

(4)

For the purposes of paragraph 13(5)(b) a deemed capital payment under this paragraph shall be treated as made when the actual capital payment mentioned in sub-paragraph (1) above was made.

(5)

Expressions used in this paragraph and F7section 1M have the same meanings in this paragraph as in that section.

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. 12A and cross-heading inserted (10.7.2003) by Finance Act 2003 (c. 14), Sch. 29 para. 4(2) (with s. 163(4)-(6))

F3

Words in Sch. 4C para. 12A(1) 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(7)

F4

Words in Sch. 4C para. 12A(1) substituted (with effect in accordance with Sch. 45 para. 153(3) of the amending Act) by Finance Act 2013 (c. 29), Sch. 45 para. 123(5)(a)

F5

Words in Sch. 4C para. 12A(1) substituted (with effect in accordance with Sch. 45 para. 153(3) of the amending Act) by Finance Act 2013 (c. 29), Sch. 45 para. 123(5)(b)

F6

Word in Sch. 4C para. 12A(3) substituted (with effect in accordance with Sch. 7 para. 147 of the amending Act) by Finance Act 2008 (c. 9), Sch. 7 para. 144 (with Sch. 7 para. 155)

F7

Words in Sch. 4C para. 12A(5) 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(7)

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)

Notes on Attribution of gains to beneficiaries in section 1M cases

Textual amendments

F3

Words in Sch. 4C para. 12A cross-heading 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(7)