|
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 Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne
51
Schedule 15, page 346, line 14, at end insert 'or in property directly or indirectly derived from the property so disposed of'.
Mr Paul Boateng
146
Schedule 15, page 346, line 22, leave out '£2,500' and insert '£5,000'.
Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne
60
Schedule 15, page 346, line 22, leave out '£2,500' and insert '£10,000'.
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 Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne
61
Schedule 15, page 347, line 4, after 'sections', insert '93 and'.
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 Oliver Letwin
Mr Howard Flight
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne
103
Schedule 15, page 347, line 41, after 'descriptions', insert—'except chattels on display to the public for 28 or more days in any one year if a transfer of those chattels is not an exempt transfer of value under the conditional exemption provided under section 30 IHTA 1984'.
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 Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne
62
Schedule 15, page 348, line 4, leave out 'the year of assessment 2005-06' and insert 'any year of assessment following the year of assessment 2004-05 ("the relevant year")'.
Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne
63
Schedule 15, page 348, line 8, leave out 'that' and insert 'the relevant'.
Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne
64
Schedule 15, page 348, line 11, leave out 'the year of assessment 2005-06' and insert 'the relevant year'.
Mr Paul Boateng
150
Schedule 15, page 348, line 11, leave out 'year of assessment 2005-06' and insert 'initial year'.
Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne
65
Schedule 15, page 348, leave out lines 13 to 19 and insert—
| '(b) | the property shall subject to the provisions of paragraph 6 of Schedule 20 of the 1986 Act be treated for the purposes of Part 5 of the 1986 Act (in relation to the chargeable person) as property subject to a reservation; |
| (c) | and for as long as the property is so treated section 102(3) and (4) of that Act shall apply; and |
| (i) | no other person or persons shall for the purposes of the Inheritance Tax Act 1984 be treated as beneficially entitled to the property and the property shall not be treated as "relevant property" under the provisions of section 58 of that Act; and |
| (ii) | on the death of the chargeable person the property shall be deemed for the purposes of the Taxation of Chargeable Gains Act 1992 to be disposed of and immediately reacquired by the person or persons then competent to dispose of the property and no chargeable gain shall accrue on that disposal; |
| (iii) | the provisions of the Taxation of Chargeable Gains Act 1992 shall apply on any disposal of the property as if the person disposing of the property was the chargeable person.'. |
Mr Oliver Letwin
Mr Howard Flight
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne
102
Schedule 15, page 348, line 23, at end insert—
'(4) An election made under this paragraph shall not be valid and the chargeable person shall be treated as the settlor of the property under the provisions of Schedule 4 of IHTA 1984 if—
| (a) | within two years of death of the chargeable person the relevant property is transferred to a maintenance fund; and |
| (b) | a direction is given in respect of the property under the provisions of paragraph 1(1) of Schedule 4 of IHTA 1984. |
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 Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne
66
Schedule 15, page 348, line 26, leave out 'the year of assessment 2005-06' and insert 'any year of assessment following the year of assessment 2004-05 ("the relevant year").'.
Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne
68
Schedule 15, page 348, leave out lines 29 to 36 and insert—
| '(a) | the property shall subject to the provisions of paragraph 6 of Schedule 20 of the 1986 Act be treated for the purposes of Part 5 of the 1986 Act (in relation to the chargeable person) as property subject to a reservation. |
| (b) | and for as long as the property is so treated section 102(3) and (4) of that Act shall apply; and |
| (i) | no other person or persons shall for the purposes of the Inheritance Tax Act 1984 be treated as beneficially entitled to the property and the property shall not be treated as "relevant property" under the provisions of section 58 of that Act; and |
| (ii) | on the death of the chargeable person the property shall be deemed for the purposes of the Taxation and Chargeable Gains Act 1992 to be disposed of and immediately reacquired by the person or persons then competent to dispose of the property and no chargeable gain shall accrue on that disposal; |
| (iii) | the provisions of the Taxation of Chargeable Gains Act 1992 shall apply on any disposal of the property as if the person disposing of the property was the chargeable person'. |
Mr Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne
67
Schedule 15, page 348, line 30, leave out 'the year of assessment 2005-06' and insert 'the relevant year'.
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 Oliver Letwin
Mr Howard Flight [R]
Mr Mark Prisk
Mr Andrew Tyrie
Mr George Osborne
69
Schedule 15, page 348, line 46, leave out '2007' and insert 'following the end of the relevant year'.
Mr Paul Boateng
155
Schedule 15, page 349, line 2, leave out '31st January 2007' and insert 'the relevant filing date'.
|
