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Section 132: Charge on settlors of pre-19th March 1991 settlements.

Finance Act 1998 · 1998 c. 36View on legislation.gov.uk

Part III: Income Tax, Corporation Tax and Capital Gains Tax — Chapter II: Taxation of Chargeable Gains

In paragraph 9 of Schedule 5 to the Taxation of Chargeable Gains Act 1992 (which sets out when a settlement is a qualifying settlement for the purposes of the attribution of gains to the settlor), after sub-paragraph (1) there shall be inserted the following sub-paragraphs—

Sub-paragraph (2) of that paragraph shall not have effect for the purpose of determining whether any settlement is a qualifying settlement in the year 1999-00 or any subsequent year of assessment.

After sub-paragraph (6) of that paragraph there shall be inserted the following sub-paragraph—

After sub-paragraph (10) of that paragraph there shall be inserted the following sub-paragraphs—

In construing section 86(1)(e) of the Taxation of Chargeable Gains Act 1992 (which specifies the amount by reference to which a charge arises under that section) as regards a particular year of assessment and in relation to a settlement created before 19th March 1991 which—

is a qualifying settlement in the year 1999-00, but
was not a qualifying settlement in any earlier year of assessment,

no account shall be taken of disposals made before 6th April 1999 (whether for the purpose of arriving at gains or for the purpose of arriving at losses).

Schedule 23 (which makes transitional provision in connection with the coming into force of this section) shall have effect.

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Reuse reviewed 21 August 2026 under Open Government Licence v3.0.