SCHEDULE 22 Transitional provision and consequential amendments for section 131
Consequential amendment of paragraph 9 of Schedule 5 to the 1992 Act
4
(1)
In sub-paragraph (7) of paragraph 9 of Schedule 5 (persons listed for the purpose of the conditions the fulfilment of which makes a pre-19th March 1991 settlement a qualifying settlement)—
(a)
“(da)
any grandchild of a settlor or of a settlor’s spouse;
(db)
the spouse of any such grandchild;”and
(b)
in paragraph (e), for “(d)" there shall be substituted “
(db)
”
.
(2)
“(11)
In this paragraph—
'child’ includes a step-child;
'grandchild’ means a child of a child;
'participator’ has the meaning given by section 417(1) of the Taxes Act.”
(3)
Sub-paragraph (1) above shall be disregarded for the purpose of determining whether either of the conditions set out in sub-paragraphs (5) and (6) of that paragraph became fulfilled at any time before 17th March 1998.