- Latest available (Revised)
- Point in Time (07/12/2007)
- Original (As enacted)
Finance Act 2003
You are here:
- UK Public General Acts
- 2003 c. 14
- SCHEDULE 29
- Other gains to be...
What Version
Advanced Features
- Show Geographical Extent(e.g. England, Wales, Scotland and Northern Ireland)
- Show Timeline of Changes
Opening Options
Changes over time for: Cross Heading: Other gains to be brought into Schedule 4C pool
Version Superseded: 21/07/2008
Alternative versions:
- 10/07/2003- Amendment
- 07/12/2007
Point in time - 21/07/2008- Amendment
Status:
Point in time view as at 07/12/2007.
Changes to legislation:
Finance Act 2003, Cross Heading: Other gains to be brought into Schedule 4C pool is up to date with all changes known to be in force on or before 26 May 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
Changes to Legislation
Changes and effects yet to be applied by the editorial team are only applicable when viewing the latest version or prospective version of legislation. They are therefore not accessible when viewing legislation as at a specific point in time. To view the ‘Changes to Legislation’ information for this provision return to the latest version view using the options provided in the ‘What Version’ box above.
Other gains to be brought into Schedule 4C poolU.K.
3U.K.After paragraph 7 insert—
“Outstanding section 87/89 gainsU.K.
7A(1)The amount of outstanding section 87/89 gains of a settlement at the end of a year of assessment is given by—
where—
G is the amount of the settlement’s section 87/89 gains for the year (see sub-paragraph (2)),
B is the amount of the gains treated in accordance with section 87(4) or 89(2) as accruing in that year to beneficiaries, and
NC is the amount of gains so treated as accruing in that year to beneficiaries who were not chargeable to tax for that year.
(2)The amount of a settlement’s section 87/89 gains for a year of assessment is—
(a)if section 87 applies to the settlement for the year—
(i)the amount of the settlement’s trust gains within the meaning of section 87(2), together with
(ii)any amount by which that amount falls to be increased under section 90(1)(a), or would fall to be increased but for section 90(2) or (3);
(b)if section 89(2) applies to the settlement for the year (otherwise than by virtue of section 90(1)(c))—
(i)the amount of the trust gains referred to in section 89(2), together with
(ii)any amount by which that amount falls to be increased under section 90(1)(b), or would fall to be increased but for section 90(2) or (3);
(c)if section 90(1)(c) applies to the settlement for the year, the amount that falls to be treated as trust gains in accordance with that provision, or would fall to be so treated but for section 90(2) or (3).
Gains to be brought into pool on subsequent transfer of valueU.K.
7B(1)Where the trustees of a settlement who have made a transfer of value to which Schedule 4B applies make a further transfer of value to which that Schedule applies, the following provisions apply.
(2)If the further transfer is made in the same year of assessment as the original transfer, any Schedule 4B trust gains accruing by virtue of the further transfer are brought into the settlement’s Schedule 4C pool at the end of the year.
(3)If the further transfer is made in a later year of assessment at the beginning of which there are outstanding gains in the settlement’s Schedule 4C pool—
(a)any Schedule 4B trust gains accruing by virtue of the further transfer, and
(b)any outstanding section 87/89 gains of the settlement at the end of the later year of assessment,
are brought into the settlement’s Schedule 4C pool at the end of the later year.
“Outstanding gains in the settlement’s Schedule 4C pool” means gains in that pool that have not been attributed to beneficiaries in accordance with this Schedule.
(4)If the further transfer is made in a later year of assessment at the beginning of which the settlement no longer has a Schedule 4C pool, the provisions of this Schedule apply in relation to the further transfer as they applied in relation to the original transfer.
(5)For the purposes of this paragraph a settlement is treated as continuing to have a Schedule 4C pool until the end of the last year of assessment in which there are any gains in the pool.”.
Options/Help
Print Options
PrintThe Whole Act
PrintThe Whole Schedule
PrintThis Cross Heading only
You have chosen to open The Whole Act
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
You have chosen to open The Whole Act as a PDF
The Whole Act you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
You have chosen to open the Whole Act
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
You have chosen to open the Whole Act without Schedules
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
You have chosen to open Schedules only
The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Legislation is available in different versions:
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Point in Time: This becomes available after navigating to view revised legislation as it stood at a certain point in time via Advanced Features > Show Timeline of Changes or via a point in time advanced search.
See additional information alongside the content
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Opening Options
Different options to open legislation in order to view more content on screen at once
More Resources
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
- the original print PDF of the as enacted version that was used for the print copy
- lists of changes made by and/or affecting this legislation item
- confers power and blanket amendment details
- all formats of all associated documents
- correction slips
- links to related legislation and further information resources
Timeline of Changes
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
More Resources
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
- the original print PDF of the as enacted version that was used for the print copy
- correction slips
Click 'View More' or select 'More Resources' tab for additional information including:
- lists of changes made by and/or affecting this legislation item
- confers power and blanket amendment details
- all formats of all associated documents
- links to related legislation and further information resources
All content is available under the Open Government Licence v3.0 except where otherwise stated. This site additionally contains content derived from EUR-Lex, reused under the terms of the Commission Decision 2011/833/EU on the reuse of documents from the EU institutions. For more information see the EUR-Lex public statement on re-use.