322 [F1SOCA's] functions: certain settlementsU.K.
(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.
Textual Amendments
F1Word 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)
F2Word 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)
F3Word 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)
F4Word 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)
F5Word 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)
F6Word 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)
F7Word 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)
F8Word 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
I1S. 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)