Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Rules definition

What does Rules mean? Rules describes the written provisions that govern how a pension scheme operates—especially occupational pension schemes—usually contained in, or annexed to, the trust deed (trust deed and rules). Legislation refers to these as scheme rules (for example, Pensions Act 1995 and Pensions Act 2004 in the UK, and the Pensions Act 1990 in Ireland). Scheme rules set out eligibility, benefit structure (defined benefit or defined contribution), contributions, service and accrual, retirement options and ages, revaluation/indexation, ill‑health and death benefits, transfers in and out, leaver provisions, forfeiture, augmentation, priority on winding‑up, discretions and decision‑making, and the scheme’s amendment and termination powers. They also...

Offshore trusts: UK Schedule 4C TCGA 1992 matching of capital payments where trustee borrowing (Schedule 4B) applies—pools, LIFO priority, OIG, non-residents, relevant settlements and beneficiary charges

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Practice notes

STOP PRESS: Abolition of non-dom regime and introduction of residence-based IHT regime

Finance Act 2025 (FA 2025), which received Royal Assent on 20 March 2025, brings into law the abolition of the remittance basis of taxation and puts in its place a residence-based regime, taking effect from and commencing on 6 April 2025. Under FA 2025, domicile ceases to be the decisive criterion used in establishing liability to inheritance tax. Additional measures in FA 2025 comprise changes to the Rules for excluded property status, the ending of protected Settlements status for offshore trusts, and revisions to overseas workday relief. For guidance on these updates, see Practice Notes: The abolition of the remittance basis of taxation from 2025–26 and A new residence-based regime for IHT from 2025–26. See also further: Finance Bill Tracking Service: Key dates (Finance Bill 2025) and Finance Act 2025.

When is Sch 4C in point?

A Sch 4C pool, i.e. a pool of gains to which Schedule 4C to the Taxation of Chargeable Gains Act 1992 (TCGA 1992) applies, is created when the trustees of a settlement make a Transfer of value to which TCGA 1992, Sch 4B applies (Sch 4B transfer)...

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Dhana Sabanathan

Michelmores

Dhana is a Partner in the Tax, Trusts and Succession team in London, part of the Firm's private wealth group. She joined Michelmores in 2023 from Winckworth Sherwood, where she was a Partner in the Private Business and Wealth team for over five years, and prior to that a Partner at an international law firm. Dhana's experience is in the private client and wealth management sector, where she specialises in working with high net worth and ultra-high net worth individuals, family offices, entrepreneurs, corporates and owner-managed businesses. She advises significant family offices and in addition to UK based clients, acts for clients based in Europe, the US, Asia and the Middle East.'Independently ranked' for Private Wealth Law in the Chambers High Net Worth Guide 2022 and recommended in the Legal 500, Dhana is also recognised in the Citywealth Leaders List as well as Eprivate Client. She is a...

Web page updated on 21/05/2026

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