- Latest available (Revised)
- Original (As enacted)
There are currently no known outstanding effects for the Finance (No. 2) Act 2017, Cross Heading: Consequential and supplementary amendments.
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.
2U.K.IHTA 1984 is amended as follows.
3U.K.In section 6 (excluded property), at the end insert—
“(5)This section is subject to Schedule A1 (non-excluded overseas property).”
4U.K.In section 48 (excluded property)—
(a)in subsections (3) and (3A), at the end insert “ and to Schedule A1 ”;
(b)in subsection (4), at the end (but on a new line) insert “This subsection is subject to Schedule A1.
5U.K.In section 65 (charge at other times), after subsection (7B) (as inserted by section 30) insert—
“(7C)Tax shall not be charged under this section by reason only that property comprised in a settlement ceases to any extent to be property to which paragraph 2 or 3 of Schedule A1 applies and thereby becomes excluded property by virtue of section 48(3)(a) above.
(7D)Tax shall not be charged under this section where property comprised in a settlement or any part of that property—
(a)is, by virtue of paragraph 5(2)(a) of Schedule A1, not excluded property for the two year period referred to in that paragraph, but
(b)becomes excluded property at the end of that period.”
6U.K.In section 157 (non-residents' bank accounts), after subsection (3) insert—
“(3A)This section is subject to paragraph 5 of Schedule A1 (non-excluded overseas property).”
7U.K.In section 237 (imposition of charge), after subsection (2) insert—
“(2A)Where tax is charged by virtue of Schedule A1 on the value transferred by a chargeable transfer, the reference in subsection (1)(a) to property to the value of which the value transferred is wholly or partly attributable includes the UK residential property interest (within the meaning of that Schedule) to which the charge to tax relates.”
8U.K.In section 272 (general interpretation), in the definition of “excluded property”, after “above” insert “ and Schedule A1 ”.
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
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.
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: