Section 87C — Taxation of Chargeable Gains Act 1992: Sections 87 and 87A: disregard of certain capital payments

Sections 87 and 87A: disregard of certain capital payments 87C 1 For the purposes of sections 87 and 87A as they apply in relation to a settlement, no account is to be taken of a capital payment (or a part of a capital payment) within subsection (2).

2 A capital payment is within this subsection if (and to the extent that) it is received (or treated as received) in a tax year from the trustees of the settlement by a company that—

a is not resident in the United Kingdom in that year, and b would be a close company if it were resident in the United Kingdom, (and is not treated under any of subsections (3) to (5) of section 96 as received by another person).