Clause 65
Finance Bill
9:30 am
Eric Illsley (Barnsley Central, Labour)
With this it will be convenient to discuss the following: Amendment No. 119, in clause 65, page 42, line 35, at end insert—
‘(4) Any purported election made on the appropriate form or before the regulations prescribing the form of election came into effect shall be deemed always to have been made in the prescribed manner under subparagraph (2) above.’.
Amendment No. 212, in clause 65, page 42, line 35, at end insert—
‘(4) An appeal shall lie to the Special Commissioners against a refusal to allow making an election at a date after the relevant filing date and the Special Commissioners shall allow such an appeal where the refusal to permit a late election was unreasonable.’.
Clause stand part.
New clause 1—Charge on benefits received by former owner of property
‘(1) Paragraph 11 of Schedule 15 to the Finance Act 2004 is amended as follows.
(2) At the end of sub-paragraph (9)(a)(i), there is inserted “or the property from time to time representing such property which has been disposed of,”.
(3) In sub-paragraph (11), at the beginning, there is inserted “Subject to sub-paragraph (12A),”.
(4) After sub-paragraph (12) there is inserted—
“(12A) Sub-paragraph 12 shall not apply if in the taxable period both the following conditions are satisfied:
(a) the person in whose estate the relevant property is comprised for the purposes of IHTA 1984 as a result of section 49(1) of that Act (treatment of interests in possession) is the settlor of the relevant property which has become comprised in the settlement and he has a qualifying interest in possession in such relevant property; and
(b) the relevant property is held directly by the trustees and is the settled property in which the settlor has a qualifying interest in possession,
and if the above conditions are both satisfied in only part of the taxable period sub-paragraph (12) shall not apply to that part of the year of assessment in which they are not so satisfied;
and “settlor” shall have the meaning given to it by section 44 IHTA 1984 and “qualifying interest in possession” shall have the meaning given to it by section 59 IHTA 1984’.