Finance Act 1968

8 (1) In paragraph 11 of Schedule 7 to the [1965 c. 25.] Finance Act 1965—

(a) in sub-paragraph (1) (exemption for debt in hands of original creditor or his legatee), and

(b) in sub-paragraph (4) (disallowance of loss on disposal of debt by assignee connected with original creditor or his legatee)

for the words " or his legatee " there shall be substituted the words " or his personal representative or legatee ".

(2) Where the original creditor is a trustee and the debt, when created, is settled property, the said sub-paragraphs (1) and (4) shall apply as if for the references to the original creditor's personal representative or legatee there were substituted references to any person becoming absolutely entitled, as against the trustee, to the debt on its ceasing to be settled property, and to that person's personal representative or legatee.