TSEM3340 - Trust income and gains: Accrued Income Scheme: change of trustees
Trustees remain resident in the UK
There are no Accrued Income Scheme consequences when trustees change, but remain resident in the UK. The change simply produces self-cancelling deemed sums and reliefs.
Trustees change from resident to non-resident
As the new trustees are not resident, they do not satisfy the ‘residence requirement’ of the Accrued Income Scheme. The appointment of non-resident trustees is a transfer of the securities by the resident trustees.
ICTA88/S742 (4-7) ensures that any liability under ICTA88/S739 takes proper account of charges and allowances under the Accrued Income Scheme.
Trustees change from non-resident to resident
As the old trustees were not resident, they do not satisfy the ‘residence requirement’ of the Accrued Income Scheme. The change of trustees is a transfer of securities to the resident trustees.
