SolvedCG38930 | TCGA92/S90 - all property transferred for nil consideration - example
From HM Revenue & Customs · Capital Gains Manual
All the settled property of the transferor settlement is transferred to the transferee settlement for nil consideration in 2012-13. No capital payments have been made out of the transferor settlement. The transferor settlement had the following gains made by the trustees:
| Year | - | Amount |
|---|---|---|
| 2005-06 | Trustees’ gains (section 2(2) amount) | £20,000 |
| 2012-13 | Section 2(2) amount on transfer of all settled property | £75,000 |
The transferee settlement acquires these unmatched section 2(2) amounts. They are added to any unmatched section 2(2) amounts it already has for the years 2005-06 and 2012-13. This applies whatever the residence status of the transferee settlement.
The unmatched section 2(2) amounts in the transferor settlement are now reduced to Nil.