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Mr Paul Boateng
141
*Schedule 15, page 345, line 41, after 'for' insert 'section 102C(3) of and'
Mr Paul Boateng
142
*Schedule 15, page 345, line 42, at end insert—
| '(1A) | Where at any time the value of a person's estate for the purposes of IHTA 1984 is reduced by an excluded liability affecting any property, that property is not to be treated for the purposes of sub-paragraph (A1) or (A2) as comprised in his estate except to the extent that the value of the property exceeds the amount of the excluded liability. |
| (1B) | For the purposes of sub-paragraph (1A) a liability is an excluded liability if— |
(a) the creation of the liability, and
(b) any transaction by virtue of which the person's estate came to include the relevant property or property which derives its value from the relevant property or by virtue of which the value of property in his estate came to be derived from the relevant property,
were associated operations, as defined by section 268 of IHTA 1984.
| (1C) | In determining whether the relevant property falls within sub-paragraph (1)(b), (c) or (d) in a case where the contribution condition in paragraph 3(3) or 6(3) is met, paragraph 2(2)(b) of Schedule 20 (exclusion of gifts of money) is to be disregarded. |
| (1D) | In sub-paragraphs (A1) to (1C) "the relevant property" means— |
(a) in relation to paragraphs 3 and 6—
| (i) | where the disposal condition in paragraph 3(2) or 6(2) is met, the property disposed of, |
| (ii) | where the contribution condition in paragraph 3(3) or 6(3) is met, the property representing the consideration directly or indirectly provided, |
(b) in relation to paragraph 8, the relevant property within the meaning of that paragraph.'
Mr Paul Boateng
143
*Schedule 15, page 345, line 43, leave out sub-paragraph (2).
Mr Paul Boateng
144
*Schedule 15, page 346, line 9, leave out from 'Schedule' to the end of line 10 and insert 'does not apply to him unless the property falling within paragraph 3(1)(a), 6(1)(a) or 8(1)(c) is situated in the United Kingdom.'.
Mr Paul Boateng
145
*Schedule 15, page 346, line 12, leave out from 'any' to end of line 14 and insert 'property which is for the purposes of IHTA 1984 excluded property in relation to him by virtue of section 48(3)(a) of that Act'.
Mr Paul Boateng
146
*Schedule 15, page 346, line 22, leave out '£2,500' and insert '£5,000'.
Mr Paul Boateng
147
*Schedule 15, page 347, line 4, leave out paragraph 16 and insert—
| | '16 | Any disposition made by a person ("the chargeable person") in relation to an interest in the estate of a deceased person is to be disregarded for the purposes of this Schedule if by virtue of section 17 of IHTA 1984 (changes in distribution of deceased's estate, etc.) the disposition is not treated for the purposes of inheritance tax as a transfer of value by the chargeable person.' |
Mr Paul Boateng
148
*Schedule 15, page 347, line 9, at end insert—
| | 16A | Where a person ("A") acts as guarantor in respect of a loan made to another person ("B") by a third party in connection with B's acquisition of any property, the mere giving of the guarantee is not to be regarded as the provision by A of consideration for B's acquisition of the property.' |
Mr Paul Boateng
149
*Schedule 15, page 348, leave out lines 2 to 8 and insert—
| '20 (1) | This paragraph applies where— |
(a) a person ("the chargeable person") would (apart from this paragraph) be chargeable under paragraph 3 (land) or paragraph 6 (chattels) for any year of assessment ("the initial year") by reference to any property ("the relevant property"), and
(b) he has not been chargeable under the paragraph in question by reference to the relevant property in respect of any previous year of assessment.'
Mr Paul Boateng
150
*Schedule 15, page 348, line 11, leave out 'year of assessment 2005-06' and insert 'initial year'.
Mr Paul Boateng
151
*Schedule 15, page 348, leave out lines 24 to 27 and insert—
| '21 (1) | This paragraph applies where— |
(a) a person ("the chargeable person") would (apart from this paragraph) be chargeable under paragraph 8 (intangible property) for any year of assessment ("the initial year") by reference to any property ("the relevant property"), and
(b) he has not been chargeable under that paragraph by reference to the relevant property in respect of any previous year of assessment.'
Mr Paul Boateng
152
*Schedule 15, page 348, line 30, leave out 'year of assessment 2005-06' and insert 'initial year'.
Mr Paul Boateng
153
*Schedule 15, page 348, line 44, at end insert—
' "the relevant filing date" means 31st January in the year of assessment that immediately follows the initial year within the meaning of paragraph 20 or (as the case requires) paragraph 21.
Mr Paul Boateng
154
*Schedule 15, page 348, line 46, leave out '31st January 2007' and insert 'the relevant filing date'.
Mr Paul Boateng
155
*Schedule 15, page 349, line 2, leave out '31st January 2007' and insert 'the relevant filing date'.
Mr Paul Boateng
156
*Schedule 15, page 349, line 5, leave out 'before 31st January 2007' and insert 'on or before the relevant filing date'.
Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne
34
Schedule 15, page 341, line 8, leave out '17th March 1986' and insert '9th December 2003'.
[R] Relevant registered interest declared.
Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne
36
Schedule 15, page 341, line 11, after 'which', insert 'interest'.
Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne
35
Schedule 15, page 341, line 17, leave out '17th March 1986' and insert '9th December 2003'.
Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne
37
Schedule 15, page 341, line 28, leave out first 'a' and insert 'the chargeable'.
Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne
38
Schedule 15, page 341, line 33, leave out 'in pursuance of any legal obligation'.
Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne
105
Schedule 15, page 341, line 36, after 'person', insert ', less the appropriate part of any capital payment made to the owner of the relevant land in respect of the land by the chargeable person.'.
Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne
Mr Quentin Davies
114
Schedule 15, page 342, line 29, after second 'year', insert 'with vacant possession'.
Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne
Mr Quentin Davies
115
Schedule 15, page 342, line 38, leave out 'only'.
Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne
Mr Quentin Davies
116
Schedule 15, page 342, line 41, at end insert—
| '(c) | in any case where, since the transfer, the transferor of the relevant land has undertaken any works or expenditure deemed to have been undertaken or paid by the landlord or continues to meet any such costs, all such annual expenditure or the annual expenditure thereof may also be deducted'. |
Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne
39
Schedule 15, page 343, line 2, leave out '17th March 1986' and insert '9th December 2003'.
Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne
40
Schedule 15, page 343, line 5, after 'which', insert 'interest'.
Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne
41
Schedule 15, page 343, line 10, leave out '17th March 1986' and insert '9th December 2003'.
Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne
42
Schedule 15, page 343, line 23, leave out 'in pursuance of any legal obligation'.
Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne
106
Schedule 15, page 343, line 25, after 'person', insert 'less the appropriate part of any capital payment made to the owner of the chattel in respect of the chattel by the chargeable person.'.
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