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Session 2005-06 Publications on the internet Index of Amendments |
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Notices of Amendments given on Monday 26th June 2006 For other Amendment(s) see the following page(s) of Supplement
to Votes: Consideration of Bill Finance (No. 2) Bill, As Amended Trusts relating to divorce, life protection policies and disabled persons Mrs Theresa Villiers
NC2 To move the following Clause:— ‘The provisions of Schedule 20 shall not operate so as to discourage, impede or prevent the use of trusts which are set up— (a) as a result of relationship breakdown and create a “relationship breakdown settlement interest”, as defined in section 59A of the Inheritance Tax Act 1984; or (b) in relation to the proceeds of life protection policies, as defined in section 58(4) of the Inheritance Tax Act 1984; or (c) by or in favour of disabled persons within the definition set out in section 89 of the Inheritance Tax Act 1984.’. Mrs Theresa Villiers
3 Page 398, line 39 [Schedule 20], at end insert— ‘(2A) After sub-paragraph 1(f) insert— “(g) a life protection policy as defined in subsection 4 below; (h) property representing directly or indirectly any sum paid under a life protection policy, within two years following the death of any person giving rise to that sum.”.’. Mrs Theresa Villiers
4 Page 399, line 25 [Schedule 20], at end insert— ‘(4) After section 58(3) insert— “58(4) In subsections 1(g) and 1(h) above a “life protection policy” is a policy of insurance where the sum payable on the death or disability of any person is at all times no less than a number of equal to ten multiplied by the highest total sum of premiums paid in any period of twelve months.”.’. Mrs Theresa Villiers
5 Page 388, line 18 [Schedule 20], at beginning insert— ‘6 (1) In section 89 (trusts for disabled persons)— (a) in subsection (4)(a) at end insert— “(aa) a person who lacked capacity within the meaning of section 272 below, or”; (b) in subsection (4)(c), leave out “or middle” and insert “middle or lower”; and (c) after subsection (4)(c) at end insert— “(d) a person who satisfies the Commissioners for Her Majesty’s Revenue and Customs that he had a condition that it was at that time reasonable to expect would have such effects on him as to lead to him becoming a person— (i) falling within subsection (4)(a) or (aa) above, or (ii) in receipt of an attendance allowance mentioned in subsection (4)(b) above, or (iii) in receipt of a disability living allowance mentioned in subsection (4)(c) above.”.’. Mrs Theresa Villiers
6 Page 388, line 29 [Schedule 20], after ‘89(4)(a)’, insert ‘or (aa)’. Mrs Theresa Villiers
7 Page 388, line 34 [Schedule 20], leave out ‘or middle’ and insert ‘, middle or lower’. Mrs Theresa Villiers
8 Page 390, line 26 [Schedule 20], leave out ‘or middle’ and insert ‘, middle or lower’. Mrs Theresa Villiers
9 Page 390, line 46 [Schedule 20], leave out ‘or middle’ and insert ‘, middle or lower’. Mrs Theresa Villiers
10 Page 391, line 2 [Schedule 20], at end insert— ‘(7) The reference in subsection (1) above to a disabled person includes, in relation to any settled property, a reference to a person who satisfied Her Majesty’s Revenue and Customs that he would, when the property was transferred into settlement, have been entitled to an attendance allowance or disability living allowance, by virtue of entitlement to the care component at the highest, middle or lower rate, whether or not such an allowance was actually claimed.’. Mrs Theresa Villiers
11 Page 403, line 26 [Schedule 20], at end insert— ‘““lacked capacity” means lacked capacity, within the meaning of the Mental Capacity Act 2005, in relation to any financial matter;”’. Mrs Theresa Villiers
12 Page 404, line 6 [Schedule 20], at end insert— ‘(iii) a disabled person’s interest, within the meaning given by section 89B of that Act; or’. |
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| © Parliamentary copyright 2006 | Prepared: 27 June 2006 |