SCHEDULES

SCHEDULE 21Chargeable gains: restriction of gifts relief etc

Recovery of tax from donee

7

1

Section 282 of the Taxation of Chargeable Gains Act 1992 (c. 12) is amended as follows.

2

After subsection (4) insert—

5

This section applies in relation to a chargeable gain accruing to a transferor under section 169C(7) (clawback of relief under section 165 or 260 if settlement becomes settlor-interested etc) as it applies in relation to a chargeable gain accruing to a person on the disposal of an asset by way of gift.

6

For the purposes of this section as applied by subsection (5) above—

a

the transferor shall be taken to be the donor, and

b

the trustees to whom the relevant disposal (within the meaning of section 169C) in question was made shall be taken to be the donee.