SCHEDULES
SCHEDULE 12Settlements: amendment of TCGA 1992 etc
Part 3Consequential and minor amendments
Residence of trustees
I135
1
In each of the provisions set out in sub-paragraph (2)—
a
for “resident in the United Kingdom during any part of the year or ordinarily resident in the United Kingdom during the year” substitute “
resident and ordinarily resident in the United Kingdom during any part of the year
”
, and
b
for “such residence or ordinary residence” substitute “
such residence and ordinary residence
”
.
2
Those provisions are—
a
section 86(2)(b) (trustees resident outside United Kingdom),
b
section 88(1) (gains of dual resident settlements), and
c
paragraph 5(1) of Schedule 4C (chargeable amount: dual resident settlement).
3
Sub-paragraph (2)(c) shall have effect in relation to a transfer of value made on or after 6th April 2007 (in relation to settlements whenever created).