210 Settled property: effect of certain arrangements
Finance Act 2012 (2012 c 14) | Legislation

210  Settled property: effect of certain arrangements

(1)     IHTA 1984 is amended as follows.

(2)     In section 48 (settled property: excluded property)—

(a)     in subsection (1), after paragraph (c) insert

※,

(d)     in a case where paragraphs (a), (b) and (d) of section 74A(1) are satisfied—

(i)     it is a reversionary interest, in the relevant settled property, to which the individual is beneficially entitled, and

(ii)     the individual has or is able to acquire (directly or indirectly) another interest in that relevant settled property.

Terms used in paragraph (d) have the same meaning as in section 74A.”,

(b)     in subsection (3), for “subsection (3B)” substitute “subsections (3B) and (3D)”, and

(c)     after subsection (3C) insert—

“(3D)     Where paragraphs (a) to (d) of section 74A(1) are satisfied, subsection (3)(a) above does not apply at the time they are first satisfied or any later time to make the relevant settled property (within the meaning of section 74A) excluded property.”

(3)     After section 74 insert—

“74A Arrangements involving acquisition of interest in settled property etc

(1)     This section applies where—

(a)     one or more persons enter into arrangements,

(b)     in the course of the arrangements—

(i)     an individual (“the individual”)

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