SCHEDULE 12 Settlements: Amendment of TCGA 1992 etc | Part 3 | Consequential And Minor Amendments | Finance Act 2006 C25

Part 3 Consequential and Minor Amendments

Finance Act 2006 (2006 c 25) | Legislation

Part 3 Consequential and Minor Amendments

Introduction

Paragraphs 8 to 45 amend TCGA 1992.

General

(1) In section 13(10) (participators in non-resident companies) for “trustees who are participators” substitute “the trustees of a settlement who are participators”.

(2) This paragraph shall have effect in relation to gains accruing on or after 6th April 2006.

For section 21(1)(b) (definition of “asset”) substitute—

“(b) currency, with the exception (subject to express provision to the contrary) of sterling,”.

(1) In section 60(1) (nominees and bare trustees) in each place for “assets” substitute “property”.

(2) In section 60(2) (interpretation: property held for person absolutely entitled) in each place for “asset” substitute “property”.

(3) This paragraph shall have effect from 6th April 2006.

(1) In section 63 (death: application of law in Scotland)—

(a) in subsection (1) omit the words “an heir of entail in possession of any property in Scotland subject to an entail, whether sui juris or not, or of”, and

(b) in subsection (2)—

(i) omit the words “For the purposes of this Act,”,

(ii) omit the words “heir or” before “liferenter”, and

(iii) omit the words