SCHEDULE 44 Trusts with Vulnerable Beneficiary
Finance Act 2013 (2013 c 29) | Legislation

SCHEDULE 44 Trusts with Vulnerable Beneficiary

Section 216

Inheritance Tax Act 1984

1

IHTA 1984 is amended as follows.

2

(1)     Section 71A (trusts for bereaved minors) is amended as follows.

(2)     For subsection (3)(c)(ii) substitute—

“(ii)     if any of the income arising from any of the settled property is applied for the benefit of a beneficiary, it is applied for the benefit of the bereaved minor.â€

(3)     In subsection (4), before paragraph (a) insert—

“(za)     the trustees' having powers that enable them to apply otherwise than for the benefit of the bereaved minor amounts (whether consisting of income or capital, or both) not exceeding the annual limit,â€.

(4)     After subsection (4) insert—

“(4A)     For the purposes of this section and section 71B, the “annual limit†is whichever is the lower of the following amounts—

(a)     £3,000, and

(b)     3% of the amount that is the maximum value of the settled property during the period in question.

(4B)     For those purposes the annual limit applies in relation to each period of 12 months that begins on 6 April.

(4C)     The Treasury may by order made by statutory instrument—

(a)     specify circumstances in which

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