FA08/Sch7/para126 and transfers between settlements
A FA08/Sch7/para126 election made by the transferor settlement can cover gains made by that settlement after 5 April 2008 even if they are not brought into charge until they are matched with capital payments made by the transferee settlement. Transferee settlements receiving property on or after 6 April 2008 cannot elect for rebasing in relation to the transferred assets - the decision is solely that of the transferor settlement. See CG38895.
An election made by the transferee settlement can cover gains made by that settlement after 5 April 2008 including those on assets received, prior to 6 April 2008, from another settlement.