Taxation of Chargeable Gains Act 1992 Schedule 11 paragraph 18

Non-resident trusts

Paragraph 18 of Schedule 11 preserves the effect of earlier tax postponement rules relating to non-resident trusts that were in force under prior legislation, ensuring that postponed capital gains tax charges continue under the same conditions.

• Capital gains tax that was postponed under section 17(4)(b) of the Capital Gains Tax Act 1979 remains postponed until the person becomes absolutely entitled to the relevant settled property or disposes of their interest
• The postponement rules under section 70 of and Schedule 14 to the Finance Act 1984 continue to apply to amounts of tax already postponed under that Schedule
• References in paragraph 12 of Schedule 14 to the Finance Act 1984 to the earlier legislation (section 80 of the Finance Act 1981) are to be read as including references to the corresponding provisions in section 87 of the 1992 Act
• These transitional provisions operate without prejudice to section 289 of the 1992 Act or Part III of Schedule 11, meaning those other provisions also continue to apply independently