Section 85A | Transfers of value: attribution of gains to beneficiaries and treatment of losses ^F1

(1)Schedule 4C to this Act has effect with respect to the attribution of gains to beneficiaries where there has been a transfer of value to which Schedule 4B applies.

(2)Sections 86A to 95 have effect subject to the provisions of Schedule 4C.

(2A)For the purposes of sections 87 to 89, no account is to be taken of any section 1(3) amount in a Schedule 4C pool (see paragraph 1 of Schedule 4C).^F2F3

(3)When calculating the section 1(3) amount for a settlement for a tax year (within the meaning of section 87), no account is to be taken of any chargeable gains or allowable losses accruing by virtue of Schedule 4B.Nothing in this subsection affects any increase in a section 1(3) amount by virtue of paragraph 1(3A) or 7B(2)(b) of Schedule 4C.^F4F5F3

(4)No account shall be taken of any chargeable gains or allowable losses to which sections 87 to 89 apply in computing the gains or losses accruing by virtue of Schedule 4B.