C1Part 6Revenue Functions
Inheritance tax functions
I1322F1SOCA's functions: certain settlements
1
For the purposes of this section the qualifying condition is that F2SOCA 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 F3SOCA may serve on the Board a notice which—
a
specifies the settlement concerned,
b
states that F3SOCA intends to carry out the Revenue inheritance tax functions in relation to the settlement, and
c
states the period for which F4SOCA intends to carry them out.
3
Service of a notice under subsection (2) vests in F5SOCA the Revenue inheritance tax functions in relation to the settlement for the period.
4
F6SOCA —
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 F7SOCA of the Revenue inheritance tax functions in relation to the settlement for the period.
6
The vesting of a function in F8SOCA 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.
Pt. 6: power to repeal conferred (1.4.2008) by Serious Crime Act 2007 (c. 27), s. 94(1), Sch. 8 para. 102; S.I. 2008/755, art. 2(1)(a) (with arts. 3-14)