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HMRC internal manual

Capital Gains Manual

Further transfer of value in later tax year


The trustees of the transferor settlement may make a further transfer of value. The Schedule 4B gains from all transfers of value in the same tax year are included in the same Schedule 4C pool, CG39260. If the further transfer of value is made in a later tax year the treatment depends on whether the trustees have an existing 4C pool at the beginning of that tax year.

If there is an existing Schedule 4C pool:

  • any further Schedule 4B gain, and
  • any further section 2(2) amounts that have accrued in years since the original transfer

are included in the existing Schedule 4C pool.

If there is no existing Schedule 4C pool you create a new one.

A settlement is treated as having a Schedule 4C pool until the end of the tax year in which the gains in the pool are reduced to nil, TCGA92/Sch4C/para7B(4).