# Taxation of Chargeable Gains Act 1992, Paragraph 5

Extent: E+W+S+N.I.

(1) If the transfer of value is made in a year of assessment where—
(a) the trustees of the transferor settlement are resident ... in the United Kingdom during any part of the year, and
(b) at any time of such residence ... they fall to be regarded for the purposes of any double taxation relief arrangements as resident in a territory outside the United Kingdom,
the chargeable amount is computed under this paragraph.
(2) Where this paragraph applies the chargeable amount is the lesser of—
(a) the amount on which the trustees would be chargeable to tax under section 2(2) by virtue of Schedule 4B on the assumption that the double taxation relief arrangements did not apply (and the disposals which Schedule 4B treats them as having made were made), and
(b) the amount on which the trustees would be so chargeable to tax by virtue of disposals of protected assets.
(3) For this purpose “protected assets” has the meaning given by section 88(4).

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Source: https://www.legislation.gov.uk/ukpga/1992/12/schedule/4C/paragraph/5 (the official version)
Page: https://openlegislation.uk/taxation-of-chargeable-gains-act-1992/schedule-4C/paragraph-5
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.