F1SCHEDULE 3AAMOUNT TO BE ALLOWED IN RESPECT OF TRANSFER OF PROPERTY

Annotations:
Amendments (Textual)

Computation of qualifying value—cash, deposits and endowment policies5

—Subject to paragraph 6, where the property which is the subject of the qualifying transfer is, or includes—

i

a sum of money whether in cash or in the form of a deposit with the Bank of England, and authorised institution or exempted person within the meaning of the Banking Act 1987, or a building society incorporated or deemed to be incorporated under the Building societies Act 1986, derived from or representing capital; or

ii

an endowment policy,

the amount of the qualifying value shall be determined by applying the formula—

where—

a

QV is the qualifying value; and

b

VT is the amount of cash, the balance of the account or the surrender value of the endowment policy on the relevant date.