Finance Act 2005
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Change 1
31 UK resident vulnerable persons: amount of relief
(1) Special capital gains tax treatment applies for the tax year in accordance with this section if the vulnerable person is UK resident for the tax year. (2) The trustees' liability to capital gains tax for the tax year is to be reduced by an amount equal to— TQTG-VQTG where— TQTG is the amount of capital gains tax to which the trustees would (apart from this Chapter) be liable for the tax year in respect of the qualifying trust gains, and VQTG is the amount arrived at under subsection (3). (3) That amount is— TLVA-TLVB where— TLVB is the total amount of capital gains tax to which the vulnerable person is liable for the tax year, and TL VA is what TLVB would be if the qualifying trust gains accrued to the vulnerable person (instead of to the trustees) and no allowable losses were deducted from the qualifying trust gains.
31 UK resident vulnerable persons: amount of relief
(1) Special capital gains tax treatment applies for the tax year in accordance with this section if the vulnerable person is UK resident for the tax year. (2) The trustees' liability to capital gains tax for the tax year is to be reduced by an amount equal to— TQTG-VQTG where— TQTG is the amount of capital gains tax to which the trustees would (apart from this Chapter) be liable for the tax year in respect of the qualifying trust gains, and VQTG is the amount arrived at under subsection (3). (3) That amount is— TLVA-TLVB where— TLVB is the total amount of capital gains tax to which the vulnerable person is liable for the tax year, and TL VA is what TLVB would be if the qualifying trust gains accrued to the vulnerable person (instead of to the trustees) and no allowable losses were deducted from the qualifying trust gains.
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