(1)For the purposes of this section the qualifying condition is that the Director 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 it is attributable (in whole or part) to criminal property.
(2)If the qualifying condition is satisfied the Director may serve on the Board a notice which—
(a)specifies the transfer of value, and
(b)states that the Director intends to carry out the Revenue inheritance tax functions in relation to the transfer.
(3)Service of a notice under subsection (2) vests in the Director the Revenue inheritance tax functions in relation to the transfer.
(4)The Director—
(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 the Director of the Revenue inheritance tax functions in relation to the transfer.
(6)The vesting of a function in the Director 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.
Commencement Information
I1S. 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)