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

267

Schedule     20,     page     118,     line     5     [Vol II],     at end insert—

'Policies of insurance

7A

(1)

In section 6 of the Inheritance Tax Act 1984, after subsection (3) insert—

    "(3A)   Any policy of insurance comprised in a settlement shall be treated as excluded property for all purposes of this Act.".'.

   

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

268

Schedule     20,     page     118,     line     5     [Vol II],     at end insert—

'Policies of insurance

7A

(1)

Any policy of insurance which was comprised in a settlement at 22nd March 2006 shall be treated as excluded property for the purposes of the Inheritance Tax Act 1984.'.

   

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

238

Schedule     20,     page     118,     line     27     [Vol II],     leave out '22nd March 2006' and insert '6th April 2007'.

   

Dawn Primarolo

362

*Schedule     20,     page     118,     line     33     [Vol II],     at end insert ', or

(iii)

a gift into a bereaved minor's trust on the coming to an end of a immediate post-death interest.'.

   

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

341

Schedule     20,     page     118,     line     38     [Vol     II],     at end insert—

    '(4A)   In subsection (7) (application of section 3A to an event on the happening of which tax is chargeable under section 52 of the Inheritance Tax Act) after "in subsection (1)(a)" insert "or subsection (1A)(a).".'.

   

Dawn Primarolo

363

*Schedule     20,     page     119,     line     2     [Vol II],     at end insert—

    '(3B)   A transfer of value falls within subsection (1A)(c)(iii) above to the extent that the value transferred is attributable to settled property (whenever settled) that becomes property to which section 71A below applies in the following circumstances—

(a)	under the settlement, a person ("L") is beneficially entitled to an interest in possession in the settled property,

(b)	the interest in possession is an immediate post-death interest,

(c)	on or after 22nd March 2006, but during L's life, the interest in possession comes to an end,

(d)	L is beneficially entitled to the interest in possession immediately before it comes to an end, and

(e)	on the interest in possession coming to an end, the property—

(i)	continues to be held on the trusts of the settlement, and

(ii)	becomes property to which section 71A below applies.".'.

   

Dawn Primarolo

364

*Schedule     20,     page     119,     line     2     [Vol II],     at end insert—

'( )	In subsection (7) (application of section in relation to charge to tax under section 52), after "subsection (1)(a)" insert "or (1A)(a)".'.

   

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

277

Schedule     20,     page     119,     line     11     [Vol II],     after 'which', insert 'section 71(1)(a) or'.

   

Dawn Primarolo

365

*Schedule     20,     page     119,     line     11     [Vol II],     after '71A' insert 'or 71D'.

   

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

278

Schedule     20,     page     119,     line     18     [Vol II],     after 'which', insert 'section 71(1)(a) or'.

   

Dawn Primarolo

366

*Schedule     20,     page     119,     line     18     [Vol II],     after '71A' insert 'or 71D'.

   

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

239

Schedule     20,     page     119,     line     22     [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

321

Schedule     20,     page     119,     line     26     [Vol     II],     at end insert ', and

(iv)	not a relationship breakdown settlement interest.".'.

   

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

353

*Schedule     20,     page     119,     line     26     [Vol     II],     at end insert '; and

(iv)	not an immediate self-settled interest.'.

   

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

240

Schedule     20,     page     119,     line     32     [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

302

Schedule     20,     page     119,     line     35     [Vol     II],     at end insert '; or

(c)	an immediate self-settled interest.'.

   

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

322

Schedule     20,     page     119,     line     35     [Vol     II],     at end insert ', or

(c)	a relationship breakdown settlement interest.".'.

   

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

241

Schedule     20,     page     119,     line     37     [Vol II],     leave out '22nd March 2006' and insert '6th April 2007'.

   

Dawn Primarolo

367

*Schedule     20,     page     119,     line     39     [Vol II],     after '71A' insert 'or 71D'.

   

Dawn Primarolo

368

*Schedule     20,     page     119,     line     41     [Vol II],     leave out paragraph 12.

   

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

303

Schedule     20,     page     119,     line     42     [Vol     II],     at end insert 'or an immediate self-settled interest'.

   

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

242

Schedule     20,     page     120,     line     1     [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

304

Schedule     20,     page     120,     line     5     [Vol     II],     after 'interest', insert 'or an immediate self-settled interest'.

   

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

305

Schedule     20,     page     120,     line     7     [Vol     II],     after 'interest', insert 'or an immediate self-settled interest'.

   

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

306

Schedule     20,     page     120,     line     12     [Vol     II],     after 'interest', insert 'or an immediate self-settled interest'.

   

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

243

Schedule     20,     page     120,     line     20     [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

307

Schedule     20,     page     120,     line     25     [Vol     II],     at end insert 'or

(d)	an immediate self-settled interest.'.

   

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

323

Schedule     20,     page     120,     line     25     [Vol     II],     at end insert ', or

(d)	a relationship breakdown settlement interest.".'.

   

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

244

Schedule     20,     page     120,     line     29     [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

308

Schedule     20,     page     120,     line     34     [Vol     II],     at end insert 'or

(d)	an immediate self-settled interest.'.

   

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

324

Schedule     20,     page     120,     line     34     [Vol     II],     at end insert ', or

(d)	a relationship breakdown settlement interest.".'.

   

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

245

Schedule     20,     page     120,     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

279

Schedule     20,     page     120,     line     42     [Vol II],     after 'end', insert 'section 71(1)(a) or'.

   

Dawn Primarolo

369

*Schedule     20,     page     120,     line     42     [Vol II],     after '71A' insert 'or 71D'.

   

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

246

Schedule     20,     page     121,     line     1     [Vol II],     leave out '22nd March 2006' and insert '6th April 2007'.

   

Dawn Primarolo

370

*Schedule     20,     page     121,     line     7     [Vol II],     leave out sub-paragraph (4).

Prepared 8 Jun 2006