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Legislation
Taxation of Chargeable Gains Act 1992

Chapter II Gifts of business assets

  • Section 165 Relief for gifts of business assets.
  • Section 165A Meaning of “holding company”, “trading company” and “trading group”
  • Section 166 Gifts to non-residents.
  • Section 167 Gifts to foreign-controlled companies.
  • Section 167A Gifts of direct or indirect interests in UK land to non-residents
  • Section 168 Emigration of donee.
  • Section 168A Postponing held-over gain: interests in UK land
  • Section 169 Gifts into dual resident trusts.
  • Section 169A Cessation of trade by limited liability partnership
  • Section 169B Gifts to settlor-interested settlements etc
  • Section 169C Clawback of relief if settlement becomes settlor-interested etc
  • Section 169D Exceptions to sections 169B and 169C
  • Section 169E Meaning of “settlor” in sections 169B to 169D and 169G
  • Section 169F Meaning of “interest in a settlement” in sections 169B to 169D
  • Section 169G Meaning of “arrangement” in sections 169B to 169E and information power
  1. Chapter II · Gifts of business assets
  2. Gifts into dual resident trusts.

Section 169 | Gifts into dual resident trusts.

From legislation.gov.uk

(1)This section applies where there is or has been a disposal of an asset to the trustees of a settlement in such circumstances that, on a claim for relief, section 165 or 260 applies, or would but for this section apply, so as to reduce the amounts of the chargeable gain and the consideration referred to in section 165(4) or 260(3).

(2)In this section “a relevant disposal” means such a disposal as is referred to in subsection (1) above.

(3)Relief under section 165 or 260 shall not be available on a relevant disposal if—

(a)at the material time the trustees to whom the disposal is made are resident ... in the United Kingdom ... ; andF1F2F3

(b)on a notional disposal of the asset concerned occurring immediately after the material time, the trustees would be regarded for the purposes of any double taxation relief arrangements—

(i)as resident in a territory outside the United Kingdom; and

(ii)as not liable in the United Kingdom to tax on a gain accruing on that disposal.F4

(4)In subsection (3) above—

(a)“the material time” means the time of the relevant disposal; and

(b)a “notional disposal” means a disposal by the trustees of the asset which was the subject of the relevant disposal.

Notes

  1. F1

    Word in s. 169(3)(a) substituted (with effect in accordance with Sch. 12 para. 37(3) of the amending Act) by Finance Act 2006 (c. 25), Sch. 12 paras. 37(1)(a), 41

  2. F2

    Words in s. 169(3)(a) omitted (with effect in accordance with Sch. 46 para. 112 of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 46 para. 102

  3. F3

    Words in s. 169(3)(a) repealed (with effect in accordance with Sch. 12 para. 37(3) of the amending Act) by Finance Act 2006 (c. 25), Sch. 12 paras. 37(1)(b), 41, Sch. 26 Pt. 3(15)

  4. F4

    Word in s. 169(3)(b)(ii) substituted (with effect in accordance with Sch. 12 para. 37(3) of the amending Act) by Finance Act 2006 (c. 25), Sch. 12 paras. 37(2), 41

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