Amendments proposed to the Finance (No. 2I Bill - continued	House of Commons
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Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Andrew Selous

319

*Schedule     20,     page     114,     line     34     [Vol     II],     after 'interest', insert ', or

(d)	a relationship breakdown settlement interest.'.

   

Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Andrew Selous

231

*Schedule     20,     page     114,     line     36     [Vol II],     leave out '22nd March 2006' and insert '6th April 2007'.

   

Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Andrew Selous

292

*Schedule     20,     page     114,     line     38     [Vol     II],     after 'section', insert '71 or'.

   

Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Andrew Selous

232

*Schedule     20,     page     114,     line     40     [Vol II],     leave out '22nd March 2006' and insert '6th April 2007'.

   

Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Andrew Selous

226

*Schedule     20,     page     115,     line     12     [Vol II],     leave out from beginning to end of line 25.

   

Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Andrew Selous

293

*Schedule     20,     page     115,     line     22     [Vol     II],     after 'section', insert '71 or'.

   

Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Andrew Selous

227

*Schedule     20,     page     115,     line     26     [Vol II],     leave out '5' and insert '3'.

   

Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Andrew Selous

294

*Schedule     20,     page     115,     line     27     [Vol     II],     after 'section', insert '71 or'.

   

Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Andrew Selous

228

*Schedule     20,     page     115,     line     30     [Vol II],     leave out from beginning to end of line 18 on page 31.

   

Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Andrew Selous

298

*Schedule     20,     page     116,     line     23     [Vol     II],     after 'if', insert 'section 49D below applies or'.

   

Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Andrew Selous

233

*Schedule     20,     page     116,     line     25     [Vol II],     leave out '22nd March 2006' and insert '6th April 2007'.

   

Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Andrew Selous

234

*Schedule     20,     page     116,     line     26     [Vol II],     leave out '22nd March 2006' and insert '6th April 2007'.

   

Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Andrew Selous

295

*Schedule     20,     page     116,     line     29     [Vol     II],     after 'possession', insert 'or was property to which section 71 applied'.

   

Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Andrew Selous

229

*Schedule     20,     page     116,     line     30     [Vol II],     after 'that', insert 'unless B is the spouse or civil partner of the person beneficially entitled to the prior interest'.

   

Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Andrew Selous

235

*Schedule     20,     page     116,     line     31     [Vol II],     leave out '22nd March 2006' and insert '6th April 2007'.

   

Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Andrew Selous

296

*Schedule     20,     page     116,     line     31     [Vol     II],     leave out 'but before 6th April 2008'.

   

Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Andrew Selous

297

*Schedule     20,     page     116,     line     35     [Vol     II],     after 'section', insert '71 or'.

   

Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Andrew Selous

299

*Schedule     20,     page     116,     line     37     [Vol     II],     at end insert—

    '49D   Alternative condition to be transitional serial interest

    (1)   Where a person ("B") is beneficially entitled to an interest in possession in settled property ("the current interest") for the purposes of this Chapter that interest is "a transitional serial interest" if the following conditions are met.

    (2)   Condition 1 is that—

(a)	the settlement commenced before 22nd March 2006, and

(b)	immediately before 22nd March 2006, the property then comprised in the settlement was settled property to which section 71 applied.

    (3)   Condition 2 is that B became beneficially entitled to the current interest in that property after 22nd March 2006 but before 6th April 2008.

    (4)   Condition 3 is that until B became entitled to the current interest the property remained property to which section 71 applied.

    (5)   To determine whether section 71 applied for the purposes of Condition 3 above, the amendments to section 71 made by pararagraph 3 of Schedule 20 to the Finance Act 2006 are to have effect.'.

   

Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Andrew Selous

301

*Schedule     20,     page     116,     line     37     [Vol     II],     at end insert—

    '49D   Immediate self-settled interest

    (1)   Where a person "S" is beneficially entitled to an interest in possession in settled property, for the purposes of this Chapter that interest is an "immediate self-settled interest" only if the following conditions are satisfied.

    (2)   Condition 1 is that S is the settlor in relation to the settled property.

    (3)   Condition 2 is that S became beneficially entitled to the interest in possession on the creation of the settlement.

    (4)   Condition 3 is that—

(a)	section 71A below does not apply to the property in which the interest subsists, and

(b)	the interest is not a disabled person's interest.'.

   

Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Andrew Selous

320

*Schedule     20,     page     116,     line     37     [Vol     II],     at end insert—

    '49D   Relationship breakdown settlement interest

    (1)   Where a person ("L") is beneficially entitled to an interest in possession in settled property, for the purposes of this Chapter that interest is a "relationship breakdown settlement interest" only if the following conditions are satisfied.

    (2)   Condition 1 is that the settlement was effected, or if there was a prior settlement it was confirmed or varied by a court order in proceedings for the following types of provision—

(a)

financial relief for the parties to a marriage and any children of the family in connection with proceedings for divorce, nullity of marriage or judicial separation including, but not limited to, property adjustment orders or variation of settlement orders under section 24 of the Matrimonial Causes Act 1973; or

(b)	financial relief for the parties of a civil partnership in connection with proceedings for dissolution of the civil partnership including, but not limited to, property adjustment orders or variation of settlement orders under Schedule 5 of the Civil Partnership Act 2004; or

(c)

where a marriage has been dissolved or annulled or the parties to a marriage have been legally separated, by means of judicial or other proceedings in an overseas country and the divorce, annulment or legal separation is entitled to be recognised as valid in England and Wales, financial relief for the parties to the marriage and any children of the family including, but not limited to, property adjustment orders or variation of settlement orders under section 17 of the Matrimonial and Family Proceedings Act 1984; or

(d)	financial relief for the benefit of a child including, but not limited to, a transfer or settlement of property under paragraph 1 of Schedule 1 of the Children Act 1989.

    (3)   Condition 2 is that L became beneficially entitled to the interest in possession on the court order coming into effect.

    (4)   Condition 3 is that—

(a)	section 71A below does not apply to the property in which the interest subsists, and

(b)	the interest is not a disabled person's interest.'.

   

Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Andrew Selous

236

*Schedule     20,     page     116,     line     38     [Vol II],     leave out '22nd March 2006' and insert '6th April 2007'.

   

Julia Goldsworthy
Mr Colin Breed
John Thurso
John Hemming
Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Andrew Selous

199

Schedule     20,     page     116,     line     41     [Vol II],     at end insert—

'(1A)

After subsection (1) insert—

    "(1A)   This section also applies to settled property, whenever transferred into settlement, which is held on trusts in which an interest in possession subsists, and in which the person beneficially entitled to the interest in possession is a disabled person." '.

   

Julia Goldsworthy
Mr Colin Breed
John Thurso
John Hemming
Mrs Theresa Villiers
Mr Mark Francois
Mr Mark Hoban
Mr Paul Goodman
Andrew Selous

200

Schedule     20,     page     117,     line     1     [Vol II],     after 'means' insert '—

(a)'.

   

Julia Goldsworthy
Mr Colin Breed
John Thurso
John Hemming

201

Schedule     20,     page     117,     line     3     [Vol II],     at end insert—

'(b)	an interest in possession in settled property to which a disabled person is beneficially entitled.

    (2A)   For subsection (4)(a) substitute—

"(a)	a person who lacked capacity, within the meaning of the Mental Capacity Act 2005, or was expected to lack capacity at some time in the future;".

    (2B)   In subsection (4)(c), omit the words "by virtue of" to the end.'.

Prepared 6 Jun 2006