PART III SETTLED PROPERTY
C1C2C3C4 CHAPTER III SETTLEMENTS WITHOUT INTERESTS IN POSSESSION F1, AND CERTAIN SETTLEMENTS IN WHICH INTERESTS IN POSSESSION SUBSIST
See Finance Act 1990 s. 126—exemption for pools payments to trustees for football ground improvements in respect of events on or after 6April 1990.
Pt. 3 Ch. 3 modified (22.7.2004) by Finance Act 2004 (c. 12), s. 283, Sch. 36 para. 57(1) (with s. 283(5))
Pt. 3 Ch. 3 modified (22.7.2004) by Finance Act 2004 (c. 12), s. 283, Sch. 36 para. 56(2)(b) (with s. 283(5))
Part III Chapter III (ss.58-85) excluded by Finance Act 1991 (c.31, SIF 63:1), s. 121(4).
Pt. III Ch. III (ss. 58-85) restricted (3.5.1994) by 1994 c. 9, s. 248
Interpretation
62BF2Same day additions: exceptions
1
There is not a same-day addition for the purposes of this Chapter if any of the following conditions is met—
a
immediately after the transfer of value mentioned in section 62A(1)(a) all the property comprised in settlement A was held for charitable purposes only without limit of time (defined by a date or otherwise),
b
immediately after the transfer of value mentioned in section 62A(1)(b) all the property comprised in settlement B was so held,
c
either or each of settlement A and settlement B is a protected settlement (see section 62C), and
d
the transfer of value, or either or each of the transfers of value, mentioned in section 62A(1)(a) and (b)—
i
results from the payment of a premium under a contract of life insurance the terms of which provide for premiums to be due at regular intervals of one year or less throughout the contract term, or
ii
is made to fund such a payment.
2
If the transfer of value, or each of the transfers of value, mentioned in section 62A(1) is not the transfer of value under section 4 on the settlor's death, there is a same-day addition for the purposes of this Chapter only if conditions A and B are met.
3
Condition A is that—
a
the difference between the two values mentioned in section 62A(1)(a) exceeds £5,000, or
b
in a case where there has been more than one transfer of value within section 62A(1)(a) on the same day, the difference between—
i
the value of the property comprised in settlement A immediately before the first of those transfers, and
ii
the value of the property comprised in settlement A immediately after the last of those transfers,
exceeds £5,000.
4
Condition B is that—
a
the difference between the two values mentioned in section 62A(1)(b) exceeds £5,000, or
b
in a case where there has been more than one transfer of value within section 62A(1)(b), the difference between—
i
the value of the property comprised in settlement B immediately before the first of those transfers, and
ii
the value of the property comprised in settlement B immediately after the last of those transfers,
exceeds £5,000.
Words in Pt. 3 Ch. 3 heading added (22.3.2006) by Finance Act 2006 (c. 25), s. 156, Sch. 20 para. 20(5)