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Changes over time for: Paragraph 57


Timeline of Changes
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Status:
Point in time view as at 31/10/2006.
Changes to legislation:
There are currently no known outstanding effects for the Finance Act 2004, Paragraph 57.

Changes to Legislation
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
57(1)The [percentage] of the assets of the fund or scheme which at any time is the protected [percentage] of those assets does not at that time constitute relevant property for the purposes of Chapter 3 of Part 3 of the Inheritance Tax Act 1984 (settlements without interest in possession).U.K.
(2)“The protected [percentage]” of the assets of the fund or scheme at a time is—
where—
V is the market value of the assets of the fund or scheme at that time, and
ACV is the adjusted commencement value, that is an amount equal to the market value of the assets of the fund or scheme on 5th April 2006, but subject to the adjustments provided by sub-paragraph (3).
(3)The adjustments are—
(a)an increase by the percentage by which the retail prices index for the month of September immediately preceding the time in question is greater than that for April 2006, and
(b)a reduction by the amount of any relevant payments made under the fund or scheme on or after 6th April 2006 and before that time.
(4)“Relevant payments”are payments other than—
(a)payments of costs or expenses, or
(b)payments which are (or will be) income of any person for any of the purposes of income tax.
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