Inheritance Tax Act 1984 (c. 51)

PART I U.K. GENERAL

Dispositions that are not transfers of value [F1 (and omissions that do not give rise to deemed dispositions)] U.K.

Textual Amendments

F1 Words in s. 10 cross-heading inserted (15.9.2016) by Finance Act 2016 (c. 24), s. 94(2)

[F2 12A Pension drawdown fund not used up: no deemed disposition U.K.

(1) Where a person has a drawdown fund, section 3(3) above does not apply in relation to any omission that results in the fund not being used up in the person's lifetime.

(2) For the purposes of subsection (1) above, a person has a drawdown fund if the person has—

(a) a member's drawdown pension fund,

(b) a member's flexi-access drawdown fund,

(c) a dependant's drawdown pension fund,

(d) a dependant's flexi-access drawdown fund,

(e) a nominee's flexi-access drawdown fund, or

(f) a successor's flexi-access drawdown fund, and

in respect of a money purchase arrangement under a registered pension scheme.

(3) For the purposes of subsection (1) above, a person also has a drawdown fund if sums or assets held for the purposes of a money purchase arrangement under a corresponding scheme would, if that scheme were a registered pension scheme, be the person's—

(a) member's drawdown pension fund,

(b) member's flexi-access drawdown fund,

(c) dependant's drawdown pension fund,

(d) dependant's flexi-access drawdown fund,

(e) nominee's flexi-access drawdown fund, or

(f) successor's flexi-access drawdown fund,

in respect of the arrangement.

(4) In this section—

• “corresponding scheme” means—

  (a)

  a qualifying non-UK pension scheme (see section 271A below), or

  (b)

  a section 615(3) scheme that is not a registered pension scheme;

• “money purchase arrangement” has the same meaning as in Part 4 of the Finance Act 2004 (see section 152 of that Act);

• “member's drawdown pension fund”, “member's flexi-access drawdown fund”, “dependant's drawdown pension fund”, “dependant's flexi-access drawdown fund”, “nominee's flexi-access drawdown fund” and “successor's flexi-access drawdown fund” have the meaning given, respectively, by paragraphs 8, 8A, 22, 22A, 27E and 27K of Schedule 28 to that Act.]

Textual Amendments

F2 S. 12A inserted (with effect in accordance with s. 94(5) of the amending Act) by Finance Act 2016 (c. 24), s. 94(4)