|
|
Amendment of section 579 (non-resident trusts) of Principal Act.
|
66.— (1) Section 579 of the Principal Act is amended—
|
|
| |
(a) in subsection (1) by deleting “domiciled and” in each place,
|
|
| |
(b) in subsection (2) by substituting the following for paragraph (b):
|
|
| |
“(b) Notwithstanding paragraph (a), where a beneficiary under the settlement was neither resident nor ordinarily resident in the State in a year of assessment during which a gain accrued to the trustees, but was so resident or ordinarily resident in an earlier and subsequent year of assessment, the gain which would have accrued to that beneficiary if paragraph (a) had applied shall be treated as accruing in the first year of assessment in which he or she subsequently becomes resident or ordinarily resident in the State.
|
|
| |
(c) Notwithstanding paragraph (a), where a person was excluded as a beneficiary under the settlement for a period of time but was subsequently included as a beneficiary of that settlement and a gain accrued to the trustees during a year of assessment when that beneficiary was so excluded, a gain which would have accrued to the beneficiary if paragraph (a) had applied shall be treated as accruing in the first year of assessment in which that person was subsequently included as a beneficiary of the settlement concerned.
|
|
| |
(d) Notwithstanding paragraph (a), if a beneficiary is not treated under the provisions of paragraph (a), (b) or (c) as if any apportioned part of a gain accrued to him or her in a year of assessment and—
|
|
| |
(i) the trustees have earlier realised a chargeable gain, and
|
|
| |
(ii) the beneficiary receives a capital payment (within the meaning of section 579A(1)) from the trust during a year of assessment in which he or she is either resident or ordinarily resident in the State,
|
|
| |
then, the beneficiary shall be treated as if an amount equal to—
|
|
| |
(I) the capital payment, or
|
|
| |
(II) the apportioned gain which would have accrued to him or her if paragraphs (a), (b) or (c) had applied,
|
|
| |
whichever is less, were a chargeable gain accruing to him or her in the year of assessment in which the capital payment is received.
|
|
| |
(e) For the purposes of this section, any amount referred to in paragraph (a), (b) or (c) shall be apportioned in such manner as is just and reasonable between persons having interests in the settled property, whether the interest is a life interest or an interest in reversion, and so that the chargeable gain is apportioned as near as may be according to the respective values of those interests, disregarding in the case of a defeasible interest the possibility of defeasance.”,
|
|
| |
and
|
|
| |
(c) in subsection (3) by deleting paragraph (b).
|
|
| |
(2) This section applies to disposals made on or after 8 February 2012.
|
