Taxation of Chargeable Gains Act 1992 Schedule 4C paragraph 14

Interpretation

Paragraph 14 defines key terms used throughout Schedule 4C, including "transfer of value", "transferor settlement", "transferee settlement", and clarifies who counts as a beneficiary.

• A "transfer of value" carries the same meaning as in Schedule 4B, and references to when it was made point to the material time defined in that Schedule.
• The "transferor settlement" is the settlement whose trustees carried out the transfer of value, while a "transferee settlement" is any settlement holding property that directly or indirectly represents the proceeds of that transfer.
• The definition of "beneficiary" is deliberately broad: it includes former beneficiaries who had left the settlement before chargeable gains accrued and beneficiaries of a settlement that has since ceased to exist.
• However, these former beneficiaries are only included if they received a capital payment from the settlement in a previous tax year at a time when they were still beneficiaries.