[SCHEDULE 4A Disposal of Interest in Settled Property: Deemed Disposal of Underlying Assets]
Taxation of Chargeable Gains Act 1992 (1992 c 12) | Legislation

[SCHEDULE 4A Disposal of Interest in Settled Property: Deemed Disposal of Underlying Assets]

[Section 76A]

[Circumstances in which this Schedule applies

1

This Schedule applies where there is a disposal of an interest in settled property for consideration.

Meaning of “interest in settled propertyâ€

2

(1)     For the purposes of this Schedule an “interest in settled property†means any interest created by or arising under a settlement.

(2)     This includes any right to, or in connection with, the enjoyment of a benefit—

(a)     created by or arising directly under a settlement, or

(b)     arising as a result of the exercise of a discretion or power—

(i)     by the trustees of a settlement, or

(ii)     by any person in relation to settled property.

Meaning of “for considerationâ€

3

(1)     For the purposes of this Schedule a disposal is “for consideration†if consideration is given or received by any person for, or otherwise in connection with, any transaction by virtue of which the disposal is effected.

(2)     In determining for the purposes of this Schedule whether a disposal is for consideration there shall be disregarded any consideration consisting of another interest under the same

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