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- Point in Time (01/07/1999)
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Version Superseded: 01/12/2001
Point in time view as at 01/07/1999.
There are currently no known outstanding effects for the Inheritance Tax Act 1984, Cross Heading: Interpretation.
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(1)In this Chapter “relevant property” means settled property in which no qualifying interest in possession subsists, other than—
(a)property held for charitable purposes only, whether for a limited time or otherwise;
(b)property to which section 71, 73, 74 or 86 below applies;
(c)property held on trusts which comply with the requirements mentioned in paragraph 3(1) of Schedule 4 to this Act, and in respect of which a direction given under paragraph 1 of that Schedule has effect;
(d)property which is part of or held for the purposes of a fund or scheme to which section 151 below applies;
(e)property comprised in a trade or professional compensation fund; F1. . .
[F2(eb)property comprised in a decommissioning security settlement; and]
(f)excluded property.
(2)The reference in subsection (1)(d) above to property which is part of or held for the purposes of a fund or scheme does not include a reference to a benefit which, having become payable under the fund or scheme, becomes comprised in a settlement.
(3)In subsection (1)(e) above “trade or professional compensation fund” means a fund which is maintained or administered by a representative association of persons carrying on a trade or profession and the only or main objects of which are compensation for or relief of losses or hardship that, through the default or alleged default of persons carrying on the trade or profession or of their agents or servants, are incurred or likely to be incurred by others.
[F3(6)For the purposes of subsection (1)(eb) above a settlement is a “decommissioning security settlement” if the sole or main purpose of the settlement is to provide security for the performance of obligations under an abandonment programme.
(7)In subsection (6)—
“abandonment programme” means an abandonment programme approved under Part 4 of the Petroleum Act 1998 (including such a programme as revised);
“security” has the same meaning as in section 38A of that Act.]
Textual Amendments
F1Word in s. 58(1) omitted (retrospective to 20.3.1993) by virtue of Finance Act 2013 (c. 29), s. 86(2)(4) (with s. 86(5)(6))
F2S. 58(1)(eb) and word inserted (retrospective to 20.3.1993) by Finance Act 2013 (c. 29), s. 86(2)(4) (with s. 86(5)(6))
F3S. 58(5)(6) inserted (retrospective to 20.3.1993) by Finance Act 2013 (c. 29), s. 86(3)(4) (with s. 86(5)(6))
(1)In this Chapter “qualifying interest in possession” means an interest in possession to which an individual, or where subsection (2) below applies a company, is beneficially entitled.
(2)This subsection applies where—
(a)the business of the company consists wholly or mainly in the acquisisition of interests in settled property, and
(b)the company has acquired the interest for full consideration in money or money’s worth from an individual who was beneficially entitled to it.
(3)Where the acquisition mentioned in paragraph (b) of subsection (2) above was before 14th March 1975—
(a)the condition set out in paragraph (a) of that subsection shall be treated as satisfied if the business of the company was at the time of the acquisition such as is described in that paragraph, and
(b)that condition need not be satisfied [F4if the company is an insurance company (within the meaning of Chapter I of Part XII of the M1Taxes Act 1988) and either—
(i)is authorised to carry on long term business under section 3 or 4 of the M2Insurance Companies Act 1982; or
(ii)carries on through a branch or agency in the United Kingdom the whole or any part of any long term business which it is authorised to carry on by an authorisation granted outside the United Kingdom for the purposes of the first long term insurance Directive;
and in paragraph (b) above “long term business” and “the first long term insurance Directive” have the same meanings as in that Act of 1982.]
Textual Amendments
F4S. 59(3)(b)(i)(ii) and words in s. 59(3)(b) substituted (1.5.1995 with effect as mentioned in s. 52(5) of the amending Act) by 1995 c. 4, s. 52(4)
Marginal Citations
In this Chapter references to the commencement of a settlement are references to the time when property first becomes comprised in it.
(1)In this Chapter “ten-year anniversary” in relation to a settlement means the tenth anniversary of the date on which the settlement commenced and subsequent anniversaries at ten-yearly intervals, but subject to subsections (2) to (4) below.
(2)The ten-year anniversaries of a settlement treated as made under section 80 below shall be the dates that are (or would but for that section be) the ten-year anniversaries of the settlement first mentioned in that section.
(3)No date falling before 1st April 1983 shall be a ten-year anniversary.
(4)Where—
(a)the first ten-year anniversary of a settlement would apart from this subsection fall during the year ending with 31st March 1984, and
(b)during that year an event occurs in respect of the settlement which could not have occurred except as the result of some proceedings before a court, and
(c)the event is one on which tax was chargeable under Chapter II of Part IV of the M3Finance Act 1982 (or, apart from Part II of Schedule 15 to that Act, would have been so chargeable),
the first ten-year anniversary shall be taken to be 1st April 1984 (but without affecting the dates of later anniversaries).
Marginal Citations
(1)For the purposes of this Chapter two settlements are related if and only if—
(a)the settlor is the same in each case, and
(b)they commenced on the same day,
but subject to subsection (2) below.
(2)Two settlements are not related for the purposes of this Chapter if all the property comprised in one or both of them was immediately after the settlement commenced held for charitable purposes only without limit of time (defined by a date or otherwise).
In this Chapter, unless the context otherwise requires—
“payment” includes a transfer of assets other than money;
“quarter” means period of three months.
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