94 Inheritance tax: pension drawdown funds
Finance Act 2016 (2016 c 24) | Legislation

94  Inheritance tax: pension drawdown funds

(1)     IHTA 1984 is amended as follows.

(2)     In the italic heading before section 10, at the end insert “(and omissions that do not give rise to deemed dispositions)”.

(3)     In section 12(2G) (interpretation of section 12(2ZA)), in the definition of “entitled”, for “166(2)” substitute “167(1A), or section 166(2),”.

(4)     After section 12 insert—

“12A Pension drawdown fund not used up: no deemed disposition

(1)     Where a person has a drawdown fund, section 3(3) above does not apply in relation to any omission that results in the fund not being used up in the person's lifetime.

(2)     For the purposes of subsection (1) above, a person has a drawdown fund if the person has—

(a)     a member's drawdown pension fund,

(b)     a member's flexi-access

Powered by Lexis+®
 

Popular documents

LEXISNEXIS

Novation—why and how to novate a contract

Novation—why and how to novate a contractThere may be times when, rather than assigning the benefit of an agreement to a third party, the original parties wish instead to end their obligations to each other under that agreement and, in effect, recreate it, with the third party stepping into the

LEXISNEXIS

Common law offence of false imprisonment

Common law offence of false imprisonmentThe offence of false imprisonmentFalse imprisonment is a common law offence but it is more common as a civil action in tort (see Practice Note: False imprisonment).It is triable only on indictment. It may be classified in class 2A, 2B or 3 in accordance with

LEXISNEXIS

What is electronic money?

What is electronic money?BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. Following IP completion day, key transitional arrangements come to an end and significant

LEXISNEXIS

What happens when a client receives a custodial sentence?

What happens when a client receives a custodial sentence?This Practice Note reflects the procedural code for sentencing offenders in England and Wales (Sentencing Code) that applies from 1 December 2020, as set out in Parts 2–13 of the Sentencing Act 2020 (SA 2020). For those considering whether the