Related Commentary  Related CasesRelated HMRC Manuals

65(1)  There shall be a charge to tax under this section–

(a)where the property comprised in a settlement or any part of that property ceases to be relevant property (whether because it ceases to be comprised in the settlement or otherwise); and

(b)in a case in which paragraph (a) above does not apply, where the trustees of the settlement make a disposition as a result of which the value of relevant property comprised in the settlement is less than it would be but for the disposition.

65(2)  The amount on which tax is charged under this section shall be–

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