No versions valid at: 06/04/2006
Point in time view as at 06/04/2006. This version of this cross heading contains provisions that are not valid for this point in time.
There are currently no known outstanding effects for the Finance Act 2006, Cross Heading: Section 71 of IHTA 1984 to cease to apply to certain settled property from 6th April 2008.
Yn ddilys o 19/07/2006
3(1)In section 71(1)(a) of IHTA 1984 (section applies to settled property only if one or more persons will become beneficially entitled on or before reaching a specified age not exceeding 25)—U.K.
(a)for “twenty-five” substitute “ eighteen ”, and
(b)omit “or to an interest in possession in it”.
(2)Sub-paragraph (1) comes into force on 6th April 2008 but only for the purpose of determining whether, at a time on or after that day, section 71 of IHTA 1984 applies to settled property.
(3)There is no charge to tax under section 71 of IHTA 1984 in a case where—
(a)settled property ceases, on the coming into force of sub-paragraph (1), to be property to which that section applies, but
(b)that section would immediately after the coming into force of sub-paragraph (1) apply to the settled property but for the amendments made by sub-paragraph (1).
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