SCHEDULES

SCHEDULE 15Charge to income tax on benefits received by former owner of property

Introductory

1

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.

F22

1

For the purposes of this Schedule whether a person is connected with another person is determined in accordance with section 993 of the Income Tax Act 2007.

2

But for those purposes sections 993 and 994 of that Act are to be read as if in those sections—

a

“relative” included uncle, aunt, nephew and niece, and

b

“settlement”, “settlor” and “trustee” had the same meanings as in IHTA 1984.