The capital-receipt conditions are met for a particular tax year if either:

1in that year the individual receives, or is entitled to receive, a ‘capital sum’, whether before or after the relevant transfer; or

2in an earlier tax year the individual has received such a sum, whether before or after the relevant transfer

and the payment of, or the entitlement to, that sum is in any way connected with a ‘relevant transaction’

(ITA 2007, s. 729(1)).

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