- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Gwreiddiol (Fel y'i Deddfwyd)
Dyma’r fersiwn wreiddiol (fel y’i gwnaed yn wreiddiol).
(1)This section applies to settled property to which section 86 below applies if no qualifying interest in possession subsists in it.
(2)Subject to subsections (4) and (5) below, there shall be a charge to tax under this section—
(a)where settled property ceases to be property to which this section applies, otherwise than by virtue of a payment out of the settled property, and
(b)where a payment is made out of settled property to which this section applies for the benefit of a person within subsection (3) below, or a person connected with such a person, and
(c)in a case in which paragraphs (a) and (b) above do not apply, where the trustees make a disposition (otherwise than by way of a payment out of the settled property) as a result of which the value of settled property to which this section applies is less than it would be but for the disposition.
(3)A person is within this subsection if—
(a)he has directly or indirectly provided any of the settled property otherwise than by additions not exceeding in value £1,000 in any one year ; or
(b)in a case where the employment in question is employment by a close company, he is a participator in relation to that company and either—
(i)is beneficially entitled to, or to rights entitling him to acquire, not less than 5 per cent. of, or of any class of the shares comprised in, its issued share capital, or
(ii)would, on a winding-up of the company, be entitled to not less than 5 per cent. of its assets ; or
(c)he has acquired an interest in the settled property for a consideration in money or money's worth.
(4)If the trusts are those of a profit sharing scheme approved in accordance with Schedule 9 to the [1978 c. 42.] Finance Act 1978, tax shall not be chargeable under this section by virtue of subsection (3)(b) above on an appropriation of shares in pursuance of the scheme.
(5)Subsections (3) to (10) of section 70 above shall apply for the purposes of this section as they apply for the purposes of that section (with the substitution of a reference to subsection (2)(c) above for the reference in section 70(4) to section 70(2)(b)).
(6)In this section—
(a)" close company" and " participator " have the same meanings as in Part IV of this Act; and
(b)" year " means the period beginning with 26th March 1974 and ending with 5th April 1974, and any subsequent period of twelve months ending with 5th April;
and a person shall be treated for the purposes of this section as acquiring an interest for a consideration in money or money's worth if he becomes entitled to it as a result of transactions which include a disposition for such consideration (whether to him or another) of that interest or of other property.
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Y Diweddaraf sydd Ar Gael (diwygiedig):Y fersiwn ddiweddaraf sydd ar gael o’r ddeddfwriaeth yn cynnwys newidiadau a wnaed gan ddeddfwriaeth ddilynol ac wedi eu gweithredu gan ein tîm golygyddol. Gellir gweld y newidiadau nad ydym wedi eu gweithredu i’r testun eto yn yr ardal ‘Newidiadau i Ddeddfwriaeth’.
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