SCHEDULES

SCHEDULE 12Settlements: amendment of TCGA 1992 etc

Part 3Consequential and minor amendments

General

25

1

In section 286(3) (connected persons: trustees) omit the words following paragraph (c).

2

After section 286(3) insert—

3ZA

For the purpose of subsection (3) above—

a

“settlement” has the same meaning as in section 620 of ITTOIA 2005, and

b

“trustee”, in relation to a settlement in relation to which there would be no trustees apart from this paragraph, means any person in whom the settled property or its management is for the time being vested.

3

This paragraph shall come into force (in relation to settlements whenever created) on 6th April 2006.