Finance Act 2004

Introductory U.K.

1 U.K. In this Schedule—

• “IHTA 1984” means the Inheritance Tax Act 1984 (c. 51);

• [F1 “ITTOIA 2005” means the Income Tax (Trading and Other Income Act) 2005;]

• “the 1986 Act” means the Finance Act 1986 (c. 41);

• “chattel” means any tangible movable property (or, in Scotland, corporeal movable property) other than money;

• “excluded transaction” has the meaning given by paragraph 10;

• “intangible property” means any property other than chattels or interests in land;

• “interest in land” has the same meaning as in Chapter 4 of Part 6 of IHTA 1984;

• “land” has the same meaning as in IHTA 1984;

• “prescribed” means prescribed by regulations;

• “property” has the same meaning as in IHTA 1984;

• “regulations” means regulations made by the Treasury under this Schedule;

• “settlement” and “settled property” have the same meanings as in IHTA 1984.

Textual Amendments

F1 Words in Sch. 15 para. 1 inserted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 653(2) (with Sch. 2)

2 U.K. Section 839 of the Taxes Act 1988 (connected persons) applies for the purposes of this Schedule, but as if in that section “relative” included uncle, aunt, nephew and niece and “settlement”, “settlor” and “trustee”had the same meanings as in IHTA 1984.