[SCHEDULE 4ZA Sub-Fund Settlements]
Taxation of Chargeable Gains Act 1992 (1992 c 12) | Legislation

[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 only if—

(a)     Conditions 1 to 4 are satisfied when the election is made, and

(b)     Conditions 2 to 4 were satisfied throughout the period beginning with the time when

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