Part 2 Sub-fund Settlements
Finance Act 2006 (2006 c 25) | Legislation

Part 2 Sub-fund Settlements

6

(1)     After section 69 of TCGA 1992 insert—

“69A Sub-fund settlements

Schedule 4ZA (which makes provision about sub-fund settlements) shall have effect.â€

(2)     After Schedule 4 to TCGA 1992 insert—

“SCHEDULE 4ZA
Sub-Fund Settlements

Making a sub-fund election

1

The trustees of a settlement (the “principal settlementâ€) may elect that a fund or other specified portion of the settled property (the “sub-fundâ€) be treated, unless the context otherwise requires, as a separate settlement (the “sub-fund settlementâ€) for the purposes of this Act, and the election shall have effect.

2

(1)     An election under paragraph 1 (a “sub-fund electionâ€) must specify the date on which it is to be treated as having taken effect, which must not be later than the date on which it is made.

(2)     The election shall be treated as having taken effect—

(a)     at the beginning of the specified date, or

(b)     if there is a deemed disposal of an asset by the trustees of the principal settlement under section 71(1) (by virtue of paragraph 19) or section 80(2) (by virtue of paragraph 18(2)), on the specified date immediately after the deemed disposal.

3

Trustees may make a sub-fund election

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