Modifications etc. (not altering text)
C1 See Finance Act 1990 s. 126—exemption for pools payments to trustees for football ground improvements in respect of events on or after 6April 1990.
C2Pt. 3 Ch. 3 modified (22.7.2004) by Finance Act 2004 (c. 12), s. 283, Sch. 36 para. 57(1) (with s. 283(5))
C3Pt. 3 Ch. 3 modified (22.7.2004) by Finance Act 2004 (c. 12), s. 283, Sch. 36 para. 56(2)(b) (with s. 283(5))
C4Part III Chapter III (ss.58-85) excluded by Finance Act 1991 (c.31, SIF 63:1), s. 121(4).
Pt. III Ch. III (ss. 58-85) restricted (3.5.1994) by 1994 c. 9, s. 248
(1)In this Chapter “qualifying interest in possession” means an interest in possession to which an individual, or where subsection (2) below applies a company, is beneficially entitled.
(2)This subsection applies where—
(a)the business of the company consists wholly or mainly in the acquisisition of interests in settled property, and
(b)the company has acquired the interest for full consideration in money or money’s worth from an individual who was beneficially entitled to it.
(3)Where the acquisition mentioned in paragraph (b) of subsection (2) above was before 14th March 1975—
(a)the condition set out in paragraph (a) of that subsection shall be treated as satisfied if the business of the company was at the time of the acquisition such as is described in that paragraph, and
(b)that condition need not be satisfied [F1if the company is an insurance company (within the meaning of Chapter I of Part XII of the M1Taxes Act 1988) and either—
(i)is authorised to carry on long term business under section 3 or 4 of the M2Insurance Companies Act 1982; or
(ii)carries on through a branch or agency in the United Kingdom the whole or any part of any long term business which it is authorised to carry on by an authorisation granted outside the United Kingdom for the purposes of the first long term insurance Directive;
and in paragraph (b) above “long term business” and “the first long term insurance Directive” have the same meanings as in that Act of 1982.]
Textual Amendments
F1S. 59(3)(b)(i)(ii) and words in s. 59(3)(b) substituted (1.5.1995 with effect as mentioned in s. 52(5) of the amending Act) by 1995 c. 4, s. 52(4)
Marginal Citations