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| | separation is entitled to be recognised as valid in |
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| | England and Wales, in Scotland or in Northern |
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| | Ireland, financial relief for the parties to the marriage |
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| | and any children of the family including, but not |
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| | limited to, property adjustment orders or variation of |
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| | settlement orders under section 17 of the Matrimonial |
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| | and Family Proceedings Act 1984 or orders under |
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| | section 8 of the Family Law (Scotland) Act 1985 and |
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| | any successive legislation; or |
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| | (iv) | financial relief for the benefit of a child including, but |
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| | not limited to, a transfer or settlement of property |
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| | under paragraph 1 of Schedule 1 of the Children Act |
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| | 1989 and any successive legislation.”.’. |
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| Mr Chancellor of the Exchequer |
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| Page 396, line 14 [Schedule 20], at end insert— |
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| | ‘(ab) | a disabled person’s interest within section 89B(1)(c) or (d) below, or’. |
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| Page 396, line 15 [Schedule 20], at end insert ‘, or |
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| | (c) | a relationship breakdown settlement interest.”’. |
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| Page 396, line 30 [Schedule 20], at end insert ‘, or |
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| | (d) | a relationship breakdown settlement interest.”’. |
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| Page 396, line 39 [Schedule 20], at end insert ‘, or |
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| | (d) | a relationship breakdown settlement interest.”’. |
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| Page 397, line 24 [Schedule 20], at end insert ‘, or |
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| | (c) | a relationship breakdown settlement interest.”’. |
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| Page 398, line 10 [Schedule 20], at end insert ‘, or |
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| | (c) | a relationship breakdown settlement interest.”’. |
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| Page 398, line 28 [Schedule 20], at end insert ‘, or |
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| | (d) | a relationship breakdown settlement interest.”’. |
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| Page 398, line 39 [Schedule 20], at end insert— |
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| | ‘(2A) | After sub-paragraph 1(f) insert— |
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| | “(g) | a life protection policy as defined in subsection 4 below; |
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| | (h) | property representing directly or indirectly any sum paid under a |
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| | life protection policy, within two years following the death of |
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| | any person giving rise to that sum.”.’. |
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| Page 399, line 11 [Schedule 20], at end insert ‘, and |
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| | (iv) | not a relationship breakdown settlement interest.’. |
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| Page 399, line 25 [Schedule 20], at end insert— |
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| | ‘(4) | After section 58(3) insert— |
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| | “58(4) | In subsections 1(g) and 1(h) above a “life protection policy” is a policy |
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| | of insurance where the sum payable on the death or disability of any |
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| | person is at all times no less than a number of equal to ten multiplied |
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| | by the highest total sum of premiums paid in any period of twelve |
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| Page 399, line 37 [Schedule 20], after first ‘interest’, insert ‘, or a relationship |
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| breakdown settlement interest’. |
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| Mr Chancellor of the Exchequer |
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| | |
| Page 399, line 44 [Schedule 20], after ‘interest,’ insert ‘or a disabled person’s |
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| interest within section 89B(1)(c) or (d) below’. |
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| Page 400, line 6 [Schedule 20], at end insert— |
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| | ‘20A | In IHTA 1984 after section 59 IHTA 1984 insert— |
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| | “59A | Relationship breakdown settlement interest |
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| | (1) | Where a person (“L”) is beneficially entitled to an interest in |
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| | possession in settled property, for the purposes of this Chapter that |
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| | interest is a “relationship breakdown settlement interest” only if the |
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| | following conditions are satisfied. |
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| | (2) | Condition 1 is that the settlement was effected, or if there was a prior |
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| | settlement it was confirmed or varied, by a court order, in proceedings |
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| | of the type mentioned in section 10(1)(c). |
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| | (3) | Condition 2 is that L became beneficially entitled to the interest in |
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| | possession on or before the date on which the court order came into |
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| | |
| Mr Chancellor of the Exchequer |
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| | |
| Page 400, line 42 [Schedule 20], leave out from ‘applies’ to end of line 44 and |
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| | (a) | as though for “an interest in possession” in each place where that appears |
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| | in subsection (1) above there were substituted “a postponing interest”, |
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| | |
| | (b) | as though, for the purposes of that subsection, each of the following were |
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| | (i) | an immediate post-death interest; |
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| | (ii) | a disabled person’s interest.”.’. |
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| Page 400, line 44 [Schedule 20], at end insert ‘or a disabled person’s interest’. |
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| Mr Chancellor of the Exchequer |
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| Page 401, line 20 [Schedule 20], at end insert— |
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| | ‘(ia) | a disabled person’s interest within section 89B(1)(c) or (d) |
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| Page 401, line 21 [Schedule 20], after ‘interest’, insert ‘, or |
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| | (iii) | a relationship breakdown settlement interest.’. |
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| Mr Chancellor of the Exchequer |
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| | |
| Page 401, line 27 [Schedule 20], after first ‘interest’ insert ‘, disabled person’s |
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| Page 401, line 27 [Schedule 20], after second ‘interest’, insert ‘or a relationship |
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| breakdown settlement interest’. |
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| Mr Chancellor of the Exchequer |
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| Page 401, line 29 [Schedule 20], after ‘or’ insert ‘disabled person’s interest or’. |
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| Page 401, line 30 [Schedule 20], after ‘interest’, insert ‘or a relationship |
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| breakdown settlement interest’. |
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| Mr Chancellor of the Exchequer |
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| | |
| Page 401, line 37 [Schedule 20], leave out ‘neither’ and insert ‘— |
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| Page 401, line 37 [Schedule 20], leave out ‘neither’ and insert ‘not’. |
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| Mr Chancellor of the Exchequer |
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| Page 401, line 37 [Schedule 20], leave out ‘nor’ and insert ‘, |
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| | (ii) | not a disabled person’s interest within section 89B(1)(c) or (d) |
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| Page 401, line 37 [Schedule 20], leave out ‘nor’ and insert ‘or’. |
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| Page 401, line 38 [Schedule 20], after ‘interest’, insert ‘or a relationship |
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| breakdown settlement interest.’. |
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| Page 402, line 2 [Schedule 20], at end insert ‘, or |
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| | (d) | a relationship breakdown settlement interest.”’. |
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| Page 403 [Schedule 20], leave out line 1. |
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| Page 403, line 2 [Schedule 20], leave out ‘the’ and insert ‘a’. |
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| Mr Chancellor of the Exchequer |
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| | |
| Page 403, line 7 [Schedule 20], leave out ‘property comprised in the testator’s |
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| estate’ and insert ‘the property’. |
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| Mr Chancellor of the Exchequer |
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| | |
| Page 403, line 18 [Schedule 20], at end insert— |
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| | ‘(5) | Subsection (4) above also applies where— |
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| | (a) | a person dies before 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, |
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| | (i) | on or after 22nd March 2006, and |
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| | (ii) | within the period of two years after the testator’s |
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| | |
| | | that involves causing the property to be held on trusts within |
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| | |
| | (d) | no immediate post-death interest, and no disabled person’s |
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| | interest, subsisted in the property at any time in the period |
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| | beginning with the testator’s death and ending immediately |
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| | |
| | (e) | no other interest in possession subsisted in the property at any |
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| | time in the period beginning with the testator’s death and |
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| | ending immediately before 22nd March 2006. |
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| | (6) | Trusts are within this subsection if they would, had they in fact been |
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| | established by the testator’s will and had the testator died at the time |
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| | of the event mentioned in subsection (5)(c) above, have resulted in— |
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| | (a) | an immediate post-death interest subsisting in the property, or |
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| | (b) | section 71A or 71D above applying to the property.”.’. |
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| Page 403, line 26 [Schedule 20], at end insert— |
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| | ‘“lacked capacity” means lacked capacity, within the meaning of the Mental |
|
| | Capacity Act 2005, in relation to any financial matter;’. |
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| Page 403, line 26 [Schedule 20], 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 3 of Part 3 (see |
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| | |
| Mr Chancellor of the Exchequer |
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| | |
| Page 403, line 42 [Schedule 20], after ‘if’ insert ‘— |
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| | |
| Mr Chancellor of the Exchequer |
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| | |
| Page 403, line 43 [Schedule 20], at end insert ‘, or |
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