Proceeds of Crime Act 2002

Inheritance tax functions U.K.

321 [F1 SOCA's] functions: transfers of value U.K.

(1) For the purposes of this section the qualifying condition is that [F2 SOCA] has reasonable grounds to suspect that—

(a) there has been a transfer of value within the meaning of the Inheritance Tax Act 1984 (c. 51), and

(b) the value transferred by [F3 the transfer of value] is attributable (in whole or part) to criminal property.

(2) If the qualifying condition is satisfied [F4 SOCA] may serve on the Board a notice which—

(a) specifies the transfer of value, and

(b) states that [F4 SOCA] intends to carry out the Revenue inheritance tax functions in relation to the transfer.

(3) Service of a notice under subsection (2) vests in [F5 SOCA] the Revenue inheritance tax functions in relation to the transfer.

(4) [F6 SOCA] —

(a) may at any time serve on the Board a notice of withdrawal of the notice under subsection (2);

(b) must serve such a notice of withdrawal on the Board if the qualifying condition ceases to be satisfied.

(5) Service of a notice under subsection (4) divests [F7 SOCA] of the Revenue inheritance tax functions in relation to the transfer.

(6) The vesting of a function in [F8 SOCA] under this section does not divest the Board or an officer of the Board of the function.

(7) It is immaterial whether a transfer of value is suspected to have occurred before or after the passing of this Act.

Textual Amendments

F1 Word in s. 321 heading substituted (1.4.2008) by Serious Crime Act 2007 (c. 27), s. 94(1), Sch. 8 para. 97(2); S.I. 2008/755, art. 2(1)(a) (with arts. 3-14)

F2 Word in s. 321(1) substituted (1.4.2008) by Serious Crime Act 2007 (c. 27), s. 94(1), Sch. 8 para. 97(3)(a); S.I. 2008/755, art. 2(1)(a) (with arts. 3-14)

F3 Words in s. 321(1)(b) substituted (1.4.2008) by Serious Crime Act 2007 (c. 27), s. 94(1), Sch. 8 para. 97(3)(b); S.I. 2008/755, art. 2(1)(a) (with arts. 3-14)

F4 Word in s. 321(2) substituted (1.4.2008) by Serious Crime Act 2007 (c. 27), s. 94(1), Sch. 8 para. 97(4); S.I. 2008/755, art. 2(1)(a) (with arts. 3-14)

F5 Word in s. 321(3) substituted (1.4.2008) by Serious Crime Act 2007 (c. 27), s. 94(1), Sch. 8 para. 97(5); S.I. 2008/755, art. 2(1)(a) (with arts. 3-14)

F6 Word in s. 321(4) substituted (1.4.2008) by Serious Crime Act 2007 (c. 27), s. 94(1), Sch. 8 para. 97(6); S.I. 2008/755, art. 2(1)(a) (with arts. 3-14)

F7 Word in s. 321(5) substituted (1.4.2008) by Serious Crime Act 2007 (c. 27), s. 94(1), Sch. 8 para. 97(7); S.I. 2008/755, art. 2(1)(a) (with arts. 3-14)

F8 Word in s. 321(6) substituted (1.4.2008) by Serious Crime Act 2007 (c. 27), s. 94(1), Sch. 8 para. 97(8); S.I. 2008/755, art. 2(1)(a) (with arts. 3-14)

Commencement Information

I1 S. 321 in force at 24.2.2003 by S.I. 2003/120, art. 2, Sch. (with arts. 3, 4) (as amended (20.2.2003) by S.I. 2003/333, art. 14)

322 [F9 SOCA's] functions: certain settlements U.K.

(1) For the purposes of this section the qualifying condition is that [F10 SOCA] has reasonable grounds to suspect that—

(a) all or part of the property comprised in a settlement is relevant property for the purposes of Chapter 3 of Part 3 of the Inheritance Tax Act 1984 (settlements without interest in possession), and

(b) the relevant property is (in whole or part) criminal property.

(2) If the qualifying condition is satisfied [F11 SOCA] may serve on the Board a notice which—

(a) specifies the settlement concerned,

(b) states that [F11 SOCA] intends to carry out the Revenue inheritance tax functions in relation to the settlement, and

(c) states the period for which [F12 SOCA] intends to carry them out.

(3) Service of a notice under subsection (2) vests in [F13 SOCA] the Revenue inheritance tax functions in relation to the settlement for the period.

(4) [F14 SOCA] —

(a) may at any time serve on the Board a notice of withdrawal of the notice under subsection (2);

(b) must serve such a notice of withdrawal on the Board if the qualifying condition ceases to be satisfied.

(5) Service of a notice under subsection (4) divests [F15 SOCA] of the Revenue inheritance tax functions in relation to the settlement for the period.

(6) The vesting of a function in [F16 SOCA] under this section does not divest the Board or an officer of the Board of the function.

(7) It is immaterial whether the settlement is commenced or a charge to tax arises or a period or any part of it falls before or after the passing of this Act.

Textual Amendments

F9 Word in s. 322 heading substituted (1.4.2008) by Serious Crime Act 2007 (c. 27), s. 94(1), Sch. 8 para. 98(2); S.I. 2008/755, art. 2(1)(a) (with arts. 3-14)

F10 Word in s. 322(1) substituted (1.4.2008) by Serious Crime Act 2007 (c. 27), s. 94(1), Sch. 8 para. 98(3); S.I. 2008/755, art. 2(1)(a) (with arts. 3-14)

F11 Word in s. 322(2) substituted (1.4.2008) by Serious Crime Act 2007 (c. 27), s. 94(1), Sch. 8 para. 98(4)(a); S.I. 2008/755, art. 2(1)(a) (with arts. 3-14)

F12 Word in s. 322(2)(c) substituted (1.4.2008) by Serious Crime Act 2007 (c. 27), s. 94(1), Sch. 8 para. 98(4)(b); S.I. 2008/755, art. 2(1)(a) (with arts. 3-14)

F13 Word in s. 322(3) substituted (1.4.2008) by Serious Crime Act 2007 (c. 27), s. 94(1), Sch. 8 para. 98(5); S.I. 2008/755, art. 2(1)(a) (with arts. 3-14)

F14 Word in s. 322(4) substituted (1.4.2008) by Serious Crime Act 2007 (c. 27), s. 94(1), Sch. 8 para. 98(6); S.I. 2008/755, art. 2(1)(a) (with arts. 3-14)

F15 Word in s. 322(5) substituted (1.4.2008) by Serious Crime Act 2007 (c. 27), s. 94(1), Sch. 8 para. 98(7); S.I. 2008/755, art. 2(1)(a) (with arts. 3-14)

F16 Word in s. 322(6) substituted (1.4.2008) by Serious Crime Act 2007 (c. 27), s. 94(1), Sch. 8 para. 98(8); S.I. 2008/755, art. 2(1)(a) (with arts. 3-14)

Commencement Information

I2 S. 322 in force at 24.2.2003 by S.I. 2003/120, art. 2, Sch. (with arts. 3, 4) (as amended (20.2.2003) by S.I. 2003/333, art. 14)