- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (31/12/2020)
- Gwreiddiol (Fel y'i Deddfwyd)
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7(1)Section 8H (meaning of “qualifying residential interest”) is amended as follows.U.K.
(2)In the heading, at the end insert “, “ qualifying former residential interest ” and “residential property interest” ”.
(3)In subsection (1), for “and 8F” substitute “ to 8FE and section 8M ”.
(4)In subsection (2), for “In this section” substitute “ A ”.
(5)After subsection (4) insert—
“(4A)Subsection (4B) or (4C) applies where—
(a)a person disposes of a residential property interest in a dwelling-house on or after 8 July 2015 (and before the person dies), and
(b)the person's personal representatives nominate—
(i)where there is only one such dwelling-house, that dwelling-house, or
(ii)where there are two or more such dwelling-houses, one (and only one) of those dwelling-houses.
(4B)Where—
(a)the person—
(i)disposes of a residential property interest in the nominated dwelling-house at a post-occupation time, or
(ii)disposes of two or more residential property interests in the nominated dwelling-house at the same post-occupation time or at post-occupation times on the same day, and
(b)the person does not otherwise dispose of residential property interests in the nominated dwelling-house at post-occupation times,
the interest disposed of is, or the interests disposed of are, a qualifying former residential interest in relation to the person.
(4C)Where—
(a)the person disposes of residential property interests in the nominated dwelling-house at post-occupation times on two or more days, and
(b)the person's personal representatives nominate one (and only one) of those days,
the interest or interests disposed of at post-occupation times on the nominated day is or are a qualifying former residential interest in relation to the person.
(4D)For the purposes of subsections (4A) to (4C)—
(a)a person is to be treated as not disposing of a residential property interest in a dwelling-house where the person disposes of an interest in the dwelling-house by way of gift and the interest is, in relation to the gift and the donor, property subject to a reservation within the meaning of section 102 of the Finance Act 1986 (gifts with reservation), and
(b)a person is to be treated as disposing of a residential property interest in a dwelling-house if the person is treated as making a potentially exempt transfer of the interest as a result of the operation of section 102(4) of that Act (property ceasing to be subject to a reservation).
(4E)Where—
(a)a transfer of value by a person is a conditionally exempt transfer of a residential property interest, and
(b)at the time of the person's death, no chargeable event has occurred with respect to that interest,
that interest may not be, or be included in, a qualifying former residential interest in relation to the person.
(4F)In subsections (4B) and (4C) “post-occupation time” means a time—
(a)on or after 8 July 2015,
(b)after the nominated dwelling-house first became the person's residence, and
(c)before the person dies.
(4G)For the purposes of subsections (4A) to (4C), if the disposal is under a contract which is completed by a conveyance, the disposal occurs at the time when the interest is conveyed.”
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