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| | Schedule 20, page 125, line 17 [Vol II], after second ‘interest’, insert ‘or |
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| | relationship breakdown settlement interest’. |
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| | Schedule 20, page 125, line 20 [Vol II], after ‘interest’, insert ‘or relationship |
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| | breakdown settlement interest’. |
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| | Schedule 20, page 125, line 27 [Vol II], leave out ‘neither’ and insert ‘not’. |
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| | Schedule 20, page 125, line 27 [Vol II], leave out ‘nor’ and insert ‘or’. |
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| | Schedule 20, page 125, line 28 [Vol II], after ‘interest’, insert ‘or a relationship |
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| | breakdown settlement interest.’. |
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| | Schedule 20, page 125, line 35 [Vol II], leave out ‘22nd March 2006’ and insert |
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| | Schedule 20, page 125, line 40 [Vol II], at end insert ‘; or |
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| | | (d) | an immediate self-settled interest.’. |
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| | Schedule 20, page 125, line 40 [Vol II], at end insert ‘, or |
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| | | (d) | a relationship breakdown settlement interest.” ’. |
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| | Schedule 20, page 125, line 45 [Vol II], leave out ‘22nd March 2006’ and insert |
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| | Schedule 20, page 126, line 4 [Vol II], at end insert ‘; or |
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| | | (c) | an immediate self-settled interest.’. |
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| | Schedule 20, page 126, line 19 [Vol II], leave out ‘In’. |
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| | Schedule 20, page 126, line 19 [Vol II], at end insert ‘is amended as follows. |
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| | | (a) | for “This section applies” substitute “Subsection (2) below applies”, |
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| | | (b) | in paragraph (a), for “(apart from this section)” substitute “(apart from |
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| | | subsection (2) below)”.’. |
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| | Schedule 20, page 126 [Vol II], leave out lines 21 to 25 and insert— |
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| | | ‘(1A) | Where the testator dies on or after 22nd March 2006, subsection (1) above shall |
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| | | (a) | the reference to any interest in possession were a reference to any interest |
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| | | (i) | an immediate post-death interest, or |
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| | | (ii) | a disabled person’s interest; |
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| | | (b) | an event which results in settled property to which subsection (1) above |
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| | | (as modified by the preceding subsection) being held on trusts which |
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| | | (i) | would constitute a trust for bereaved minors but for the |
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| | | requirement that such a trust must be established under the will |
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| | | of a deceased parent of a bereaved minor; or |
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| | | (ii) | would confer on any person an immediate post-death interest but |
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| | | for the condition in section 49A(3) that the person in question |
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| | | became beneficially entitled to the interest in possession on the |
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| | | death of the testator and the condition in section 49A(7) in so far |
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| | | as it relates to the condition in section 49A(3) |
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| | | | were (for the purposes of this section only) an event on which tax would |
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| | | be chargeable under a provision of Chapter 3 Part 3 of this Act.’. |
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| | Schedule 20, page 126, line 21 [Vol II], leave out ‘22nd March 2006’ and insert |
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| | Schedule 20, page 126, line 25 [Vol II], at end insert— |
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| | | ‘(4) | In subsection (2), for “this section” (in both places) substitute “this |
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| | | (5) | After subsection (2) insert— |
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| | | “(3) | Subsection (4) below applies where— |
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5 | | (a) | a person dies on or after 22nd March 2006, |
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| | | (b) | property comprised in the person’s estate immediately before |
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| | | his death is settled by his will, and |
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| | | (c) | within the period of two years after his death, but before an |
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| | | immediate post-death interest or a disabled person’s interest |
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10 | | has subsisted in the property, there occurs an event that |
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| | | involves causing property comprised in the testator’s estate to |
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| | | be held on trusts that would, if they had in fact been |
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| | | established by the testator’s will, have resulted in— |
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| | | (i) | an immediate post-death interest subsisting in the |
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15 | | |
| | | (ii) | section 71A or 71D above applying to the property. |
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| | | (4) | Where this subsection applies by virtue of an event— |
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| | | (a) | this Act shall have effect as if the will had provided that on the |
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| | | testator’s death the property should be held as it is held after |
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20 | | |
| | | (b) | tax shall not be charged on that event under any provision of |
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| | | Chapter 3 of Part 3 of this Act.”.’. |
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| | | As Amendments to Dawn Primarolo’s proposed Amendment (No. 400):— |
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| | Line 5, leave out paragraph (a). |
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| | Line 6, leave out ‘the’ and insert ‘a’. |
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| | Schedule 20, page 126, line 30 [Vol II], leave out ‘89(2A)’ and insert ‘89B’. |
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| | Schedule 20, page 126, line 33 [Vol II], at end insert— |
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| | | ‘ “immediate self-settled interest” means an immediate self-settled interest |
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| | | for the purposes of Chapter 2 of Part 3 (see section 49D above)’. |
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| | Schedule 20, page 126, line 33 [Vol II], at end insert— |
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| | | ‘ “relationship breakdown settlement interest” means a relationship |
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| | | breakdown settlement interest for the purposes of Chapter 2 of Part 3 (see |
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| | Schedule 20, page 126, line 42 [Vol II], leave out ‘22nd March 2006’ and insert |
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| | Schedule 20, page 127, line 3 [Vol II], leave out ‘22nd March 2006’ and insert |
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| | Schedule 20, page 127, line 13 [Vol II], at end insert— |
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| | | ‘(iii) | a disabled person’s interest, within the meaning given by |
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| | | subsection (2A) of section 89 of that Act; or’. |
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| | Schedule 20, page 127, line 13 [Vol II], at end insert— |
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| | | ‘(iii) | an immediate self-settled interest within the meaning given by |
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| | | section 49D of that Act, or’. |
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| | Schedule 20, page 127, line 13 [Vol II], at end insert— |
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| | | ‘(iii) | a relationship breakdown settlement interest within the meaning |
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| | | given by section 49D of that Act, or’. |
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| | Schedule 20, page 127, line 21 [Vol II], leave out ‘22nd March 2006’ and insert |
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| | Schedule 20, page 127, line 32 [Vol II], leave out ‘22nd March 2006’ and insert |
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| | Schedule 20, page 128, line 9 [Vol II], after ‘interest’, insert ‘or, |
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| | | (iii) | a relationship breakdown settlement interest.’. |
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| | Schedule 20, page 129, line 20 [Vol II], at end insert— |
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| | | Conditional exemption: relief from charges |
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| | | (1) | Section 79 of IHTA 1984 (subsection (3) of which provides for charges to tax |
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| | | where, in the case of settled property designated under section 31 on a claim |
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| | | under section 79, an event occurs that would be chargeable under section 32 or |
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| | | 32A if the claim had been under section 30) is amended as follows. |
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| | | (2) | After subsection (5) (amount on which tax charged under subsection (3)) |
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| | | “(5A) | Where the event giving rise to a charge to tax under subsection (3) |
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| | | above is a disposal on sale, and the sale— |
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| | | (a) | was not intended to confer any gratuitous benefit on any |
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| | | (b) | was either a transaction at arm’s length between persons not |
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| | | connected with each other or a transaction such as might be |
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| | | expected to be made at arm’s length between persons not |
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| | | connected with each other, |
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| | | | the value of the property at the time of that event shall be taken for the |
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| | | purposes of subsection (5) above to be equal to the proceeds of the |
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| | | (3) | For subsection (7) (which provides that the “relevant period” mentioned in |
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| | | subsection (6) begins with the latest of certain listed days and ends with the day |
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| | | before the event giving rise to the charge under subsection (3)) substitute— |
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| | | “(7) | In subsection (6) above “the relevant period” means the period given |
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| | | by subsection (7A) below or, if shorter, the period given by subsection |
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| | | (7A) | The period given by this subsection is the period beginning with the |
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| | | (a) | the day on which the settlement commenced, |
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| | | (b) | the date of the last ten-year anniversary of the settlement to |
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| | | fall before the day on which the property became comprised |
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| | | (c) | the date of the last ten-year anniversary of the settlement to |
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| | | fall before the day on which the property was designated |
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| | | under section 31 above on a claim under this section, and |
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| | | | and ending with the day before the event giving rise to the charge. |
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| | | (7B) | The period given by this subsection is the period equal in length to the |
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| | | number of relevant-property days in the period— |
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| | | (a) | beginning with the day that is the latest of those referred to in |
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| | | paragraphs (a) to (d) of subsection (7A) above, and |
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| | | (b) | ending with the day before the event giving rise to the charge. |
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| | | (7C) | For the purposes of subsection (7B) above, a day is a “relevant- |
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| | | property day” if at any time on that day the property was relevant |
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| | | (4) | After subsection (9) insert— |
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| | | “(9A) | Subsection (9B) below applies where the same event gives rise— |
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| | | (a) | to a charge under subsection (3) above in relation to any |
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| | | (b) | to a charge under section 32 or 32A above in relation to that |
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| | | (9B) | If the amount of each of the charges is the same, each charge shall have |
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| | | effect as a charge for one half of the amount that would be charged |
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| | | apart from this subsection; otherwise, whichever of the charges is |
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| | | lower in amount shall have effect as if it were a charge the amount of |
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| | | Schedule, as amended, Agreed to on division. |
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| | | Clauses 158 and 159 Agreed to. |
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