321 [F1SOCA's] functions: transfers of valueU.K.
(1)For the purposes of this section the qualifying condition is that [F2SOCA] has reasonable grounds to suspect that—
(a)there has been a transfer of value within the meaning of the Inheritance Tax Act 1984 (c. 51), and
(b)the value transferred by [F3the transfer of value] is attributable (in whole or part) to criminal property.
(2)If the qualifying condition is satisfied [F4SOCA] may serve on the Board a notice which—
(a)specifies the transfer of value, and
(b)states that [F4SOCA] intends to carry out the Revenue inheritance tax functions in relation to the transfer.
(3)Service of a notice under subsection (2) vests in [F5SOCA] the Revenue inheritance tax functions in relation to the transfer.
(4)[F6SOCA] —
(a)may at any time serve on the Board a notice of withdrawal of the notice under subsection (2);
(b)must serve such a notice of withdrawal on the Board if the qualifying condition ceases to be satisfied.
(5)Service of a notice under subsection (4) divests [F7SOCA] of the Revenue inheritance tax functions in relation to the transfer.
(6)The vesting of a function in [F8SOCA] under this section does not divest the Board or an officer of the Board of the function.
(7)It is immaterial whether a transfer of value is suspected to have occurred before or after the passing of this Act.
Textual Amendments
F1Word in s. 321 heading substituted (1.4.2008) by Serious Crime Act 2007 (c. 27), s. 94(1), Sch. 8 para. 97(2); S.I. 2008/755, art. 2(1)(a) (with arts. 3-14)
F2Word in s. 321(1) substituted (1.4.2008) by Serious Crime Act 2007 (c. 27), s. 94(1), Sch. 8 para. 97(3)(a); S.I. 2008/755, art. 2(1)(a) (with arts. 3-14)
F3Words in s. 321(1)(b) substituted (1.4.2008) by Serious Crime Act 2007 (c. 27), s. 94(1), Sch. 8 para. 97(3)(b); S.I. 2008/755, art. 2(1)(a) (with arts. 3-14)
F4Word in s. 321(2) substituted (1.4.2008) by Serious Crime Act 2007 (c. 27), s. 94(1), Sch. 8 para. 97(4); S.I. 2008/755, art. 2(1)(a) (with arts. 3-14)
F5Word in s. 321(3) substituted (1.4.2008) by Serious Crime Act 2007 (c. 27), s. 94(1), Sch. 8 para. 97(5); S.I. 2008/755, art. 2(1)(a) (with arts. 3-14)
F6Word in s. 321(4) substituted (1.4.2008) by Serious Crime Act 2007 (c. 27), s. 94(1), Sch. 8 para. 97(6); S.I. 2008/755, art. 2(1)(a) (with arts. 3-14)
F7Word in s. 321(5) substituted (1.4.2008) by Serious Crime Act 2007 (c. 27), s. 94(1), Sch. 8 para. 97(7); S.I. 2008/755, art. 2(1)(a) (with arts. 3-14)
F8Word in s. 321(6) substituted (1.4.2008) by Serious Crime Act 2007 (c. 27), s. 94(1), Sch. 8 para. 97(8); S.I. 2008/755, art. 2(1)(a) (with arts. 3-14)
Commencement Information
I1S. 321 in force at 24.2.2003 by S.I. 2003/120, art. 2, Sch. (with arts. 3, 4) (as amended (20.2.2003) by S.I. 2003/333, art. 14)