Section 43 | Trusts: connected amendments, transitional provision etc

(1)Schedule 12 amends legislation relating to the taxation of income and gains arising within trusts and similar structures, and in particular—

(a)contains amendments connected with the introduction of relief for qualifying new residents and the abolition of the remittance basis of taxation (see Chapters 1 and 2), and

(b)removes certain protections for foreign-source income and gains that have been available since the tax year 2017-18 while making transitional provision in respect of income that arose in past tax years.

(2)In that Schedule—

Part 1 amends Chapter 5 of Part 5 of ITTOIA 2005 (settlements: amounts treated as income of settlor or family);

Part 2 amends Chapter 2 of Part 13 of ITA 2007 (transfer of assets abroad);

Part 3 amends Chapter 2 of Part 3 of TCGA 1992 (settlements: chargeable gains) and other provisions of TCGA 1992 relating to trusts and similar structures;

Part 4 contains provision about commencement and transitional provision.