Taxation of Chargeable Gains Act 1992 Schedule 4B paragraph 9

Normal trust purposes: power to make provision by regulations

Section 9 of Schedule 4B grants the Treasury a regulation-making power to define the circumstances in which proceeds of trustee borrowing are treated as applied for normal trust purposes.

• The Treasury may issue regulations specifying when borrowed funds used by trustees count as being applied for normal trust purposes under this Schedule.
• These regulations can add to, amend, or repeal any of the existing rules in paragraphs 6 to 8 of Schedule 4B, which set out the detailed conditions for determining whether borrowing proceeds have been applied for normal trust purposes.
• The regulations may make different provision for different circumstances, allowing the Treasury to tailor the rules to varying trust arrangements.
• The Treasury may include any supplementary, incidental, consequential, or transitional provisions it considers appropriate to support the operation of the regulations.