SolvedSection 32 | Non-UK resident vulnerable persons: amount of relief
From legislation.gov.uk
(1)Special capital gains tax treatment applies for the tax year in accordance with this section if the vulnerable person is non-UK resident for the tax year.
(2)The trustees' liability to capital gains tax for the tax year is to be reduced by an amount equal to—
Formula
where—
TQTG is the amount of capital gains tax to which the trustees would (apart from this Chapter) be liable for the tax year in respect of the qualifying trusts gains, and
VQTG is the amount arrived at under subsection (3).
(3)That amount is—
Formula
where—
TLVB is the total amount of capital gains tax to which the vulnerable person would be liable for the tax year if the vulnerable person's taxable amount for the tax year ... were equal to the vulnerable person's deemed CGT taxable amount for the tax year (if any), and
TL VA is what TLVB would be if the vulnerable person's taxable amount for the tax year ... were equal to the aggregate of the vulnerable person's deemed CGT taxable amount for the tax year (if any) and the amount of the qualifying trust gains.
(3A)For the purposes of this section “the vulnerable person’s taxable amount for the tax year” means the amount on which that person would be chargeable to capital gains tax for the tax year if no account were taken of section 1K of TCGA 1992.
(4)For the purposes of this section the vulnerable person's deemed CGT taxable amount for the tax year is to be determined in accordance with Schedule 1.