Part IVIncome Tax, Corporation Tax and Capital Gains Tax
Chapter VIMiscellaneous provisions
Reliefs
149Annual payments in residuary cases
(1)
Section 347A of the Taxes Act 1988 (annual payments not a charge on the income of a payer) shall apply to any payment made on or after 6th April 1996—
(a)
in pursuance of any obligation which falls within section 36(4)(a) of the M1Finance Act 1988 (existing obligations under certain court orders), and
(b)
for the benefit, maintenance or education of a person (whether or not the person to whom the payment is made) who attained the age of 21 before 6th April 1994,
as if that obligation were not an existing obligation within the definition contained in section 36(4) of the Finance Act 1988.
(2)
Subsection (1) above does not apply to any payment to which section 38 of the Finance Act 1988 (treatment of certain maintenance payments under existing obligations) applies.