# Taxation of Chargeable Gains Act 1992, Paragraph 18

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

(1) Paragraphs 13 to 13C and 15 above shall have effect in relation to the subscription for shares by the trustees of a settlement as if references to the individual subscribing for the shares were references to—
(a) those trustees;
(b) any individual or charity by virtue of whose interest, at a relevant time, paragraph 17 above applies to the settled property; or
(c) any associate of such an individual, or any person connected with such a charity.
(2) The relevant times for the purposes of sub-paragraph (1)(b) above are the time when the shares are issued and—
(a) in a case where sub-paragraph (1) of paragraph 13 above applies, or that sub-paragraph would apply were it not for the fact that the amount of value is an amount of insignificant value for the purposes of that sub-paragraph, the time when the value is received;
(ab) in a case where paragraph 13(1) above would apply were it not for the operation of paragraph 13B above, the time when the original value (within the meaning of paragraph 13B above) in question is received;
(b) in a case where paragraph 15 above applies, the time when the loan is made.

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Source: https://www.legislation.gov.uk/ukpga/1992/12/schedule/5B/paragraph/18 (the official version)
Page: https://openlegislation.uk/taxation-of-chargeable-gains-act-1992/schedule-5B/paragraph-18
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.