- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (17/07/2013)
- Gwreiddiol (Fel y'i Deddfwyd)
Point in time view as at 17/07/2013.
There are currently no known outstanding effects for the Inheritance Tax Act 1984, Section 74B.
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(1)A transfer of value arising by virtue of section 74A is to be taken to be a transfer which is not a potentially exempt transfer.
(2)For the purposes of section 74A—
(a)when determining the value transferred by a transfer of value arising by virtue of that section, no account is to be taken of section 3(2),
(b)nothing in section 10(1) applies to prevent such a transfer, and
(c)nothing in sections 102 to 102C of the Finance Act 1986 applies in relation to such a transfer.
(3)Where, ignoring this subsection, a transfer of value would arise by virtue of section 74A (“the current transfer”), the value transferred by a relevant related transfer is to be treated as reducing the value transferred by the current transfer.
But this subsection does not apply if and to the extent that the relevant related transfer has already been applied to reduce another transfer of value arising by virtue of that section.
(4)“Relevant related transfer” means—
(a)where the arrangements consist of a series of operations, any transfer of value constituted by one or more of those operations which occur before or at the same time as the current transfer, other than a transfer of value arising by virtue of section 74A, and
(b)where the arrangements consist of a single operation, any transfer of value which arises from that operation, other than a transfer of value arising by virtue of section 74A.
(5)Section 268(3) does not apply to a transfer of value arising by virtue of section 74A.
(6)Where—
(a)a transfer of value has arisen by virtue of section 74A,
(b)in the course of the arrangements the individual acquires an interest in possession in settled property, and
(c)section 5(1B) applies to the interest in possession so that it forms part of the individual's estate,
this Act has effect as if that transfer of value had never arisen.]
Textual Amendments
F1Ss. 74A-74C inserted (20.6.2012 and with effect in accordance with s. 210(5) of the amending Act) by Finance Act 2012 (c. 14), s. 210(3)
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