Chwilio Deddfwriaeth

Finance Act 2020

Status:

Dyma’r fersiwn wreiddiol (fel y’i gwnaed yn wreiddiol).

73Excluded property etc

(1)IHTA 1984 is amended as follows.

(2)In section 48 (excluded property)—

(a)in subsection (3)(a), for “settlement was made” substitute “property became comprised in the settlement (but see also subsection (3F))”,

(b)in subsection (3A)(a), for “settlement was made” substitute “property became comprised in the settlement (but see also subsection (3F))”,

(c)in subsection (3E), for “settlement is made” substitute “property became comprised in the settlement (but see also subsection (3F))”, and

(d)after subsection (3E) insert—

(3F)If—

(a)an amount is payable in respect of property (“the existing property”) comprised in a settlement, and

(b)the amount represents an accumulation of income which (once accumulated) becomes comprised in the settlement,

subsections (3)(a), (3A)(a) and (3E) have effect, in the case of the amount, as if any reference to the time it became comprised in the settlement were to the time the existing property became comprised in the settlement.

(3)After section 48 insert—

48ACommencement of settlement

In this Act any reference to the commencement of a settlement is to the time when property first becomes comprised in it.

(4)Omit section 60 (meaning of commencement of settlement for purposes of Chapter).

(5)In section 64 (charge at ten-year anniversary)—

(a)in subsection (1B)—

(i)after “settlor of” insert “property comprised in”,

(ii)for “settlement was made” substitute “property became comprised in the settlement (but see also subsection (1BA))”, and

(iii)after “income of the settlement” insert “that arose (directly or indirectly) from the property”, and

(b)after that subsection insert—

(1BA)If—

(a)an amount is payable in respect of property (“the existing property”) comprised in a settlement, and

(b)the amount represents an accumulation of income which (once accumulated) becomes comprised in the settlement,

subsection (1B) has effect, in the case of the amount, as if any reference to the time it became comprised in the settlement were to the time the existing property became comprised in the settlement.

(6)In section 65 (charge at other times)—

(a)in subsection (7A), for “settlement made” substitute “property became comprised in settlement”,

(b)in subsection (8)—

(i)after “settlor of” insert “property comprised in”,

(ii)for “settlement was made” substitute “property became comprised in the settlement (but see also subsection (8A))”, and

(iii)for “property comprised in the settlement” substitute “the property”, and

(c)after that subsection insert—

(8A)If—

(a)an amount is payable in respect of property (“the existing property”) comprised in a settlement, and

(b)the amount represents an accumulation of income which (once accumulated) becomes comprised in the settlement,

subsection (8) has effect, in the case of the amount, as if any reference to the time it became comprised in the settlement were to the time the existing property became comprised in the settlement.

(7)In section 74A (arrangements involving acquisition of interest in settled property etc)—

(a)in subsection (2)(a), for “settlement was made” substitute “relevant settled property became comprised in the settlement”, and

(b)in subsection (3)(a), for “settlement was made” substitute “relevant settled property became comprised in the settlement”.

(8)In section 157(3) (non-residents’ bank accounts), for “he made” substitute “the settled property became comprised in”.

(9)In section 237(1)(b) (imposition of charge), for “the chargeable transfer is made by the making of a settlement or” substitute “property becomes comprised in a settlement by virtue of the chargeable transfer or the chargeable transfer”.

(10)In section 272 (general interpretation)—

(a)before the definition of “conditionally exempt transfer” insert—

  • “commencement” of a settlement has the meaning given by section 48A;, and

(b)in the definition of “foreign-owned”, in paragraph (b)(ii), at the end insert “(and section 64(1BA) applies for the purposes of this sub-paragraph as it applies for the purposes of section 64(1B))”.

(11)In relation to any chargeable transfer made on or after the day on which this Act is passed, the amendments made by this section are treated as always having been in force.

Section 2(3) of IHTA 1984 applies for the purposes of this subsection.

Yn ôl i’r brig

Options/Help

Print Options

You have chosen to open The Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Act as a PDF

The Whole Act you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open y Ddeddf Gyfan

Y Ddeddf Gyfan you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open Schedules only

Y Rhestrau you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

Close

Mae deddfwriaeth ar gael mewn fersiynau gwahanol:

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’.

Gwreiddiol (Fel y’i Deddfwyd neu y’i Gwnaed): Mae'r wreiddiol fersiwn y ddeddfwriaeth fel ag yr oedd pan gafodd ei deddfu neu eu gwneud. Ni wnaed unrhyw newidiadau i’r testun.

Close

Dewisiadau Agor

Dewisiadau gwahanol i agor deddfwriaeth er mwyn gweld rhagor o gynnwys ar y sgrin ar yr un pryd

Close

Rhagor o Adnoddau

Gallwch wneud defnydd o ddogfennau atodol hanfodol a gwybodaeth ar gyfer yr eitem ddeddfwriaeth o’r tab hwn. Yn ddibynnol ar yr eitem ddeddfwriaeth sydd i’w gweld, gallai hyn gynnwys:

  • y PDF print gwreiddiol y fel deddfwyd fersiwn a ddefnyddiwyd am y copi print
  • rhestr o newidiadau a wnaed gan a/neu yn effeithio ar yr eitem hon o ddeddfwriaeth
  • manylion rhoi grym a newid cyffredinol
  • pob fformat o’r holl ddogfennau cysylltiedig
  • slipiau cywiro
  • dolenni i ddeddfwriaeth gysylltiedig ac adnoddau gwybodaeth eraill
Close

Rhagor o Adnoddau

Defnyddiwch y ddewislen hon i agor dogfennau hanfodol sy’n cyd-fynd â’r ddeddfwriaeth a gwybodaeth am yr eitem hon o ddeddfwriaeth. Gan ddibynnu ar yr eitem o ddeddfwriaeth sy’n cael ei gweld gall hyn gynnwys:

  • y PDF print gwreiddiol y fel deddfwyd fersiwn a ddefnyddiwyd am y copi print
  • slipiau cywiro

liciwch ‘Gweld Mwy’ neu ddewis ‘Rhagor o Adnoddau’ am wybodaeth ychwanegol gan gynnwys

  • rhestr o newidiadau a wnaed gan a/neu yn effeithio ar yr eitem hon o ddeddfwriaeth
  • manylion rhoi grym a newid cyffredinol
  • pob fformat o’r holl ddogfennau cysylltiedig
  • dolenni i ddeddfwriaeth gysylltiedig ac adnoddau gwybodaeth eraill