- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (26/03/2015)
- Gwreiddiol (Fel y'i Deddfwyd)
Version Superseded: 15/09/2016
Point in time view as at 26/03/2015. This version of this provision has been superseded.
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(1)A scheme is a deduction scheme if each of conditions A to D is met.
(2)Condition A is that the scheme includes a transaction or a series of transactions under which a person (“the transferor”)—
(a)transfers to one or more other persons rights to receive a payment under a security, or
(b)otherwise secures that one or more other persons are similarly benefited.
(3)A person is similarly benefited for these purposes if the person receives a payment which, but for the transaction or series of transactions, would have arisen to the transferor.
(4)Condition B is that—
(a)the transferor, and
(b)at least one of the persons to whom a transfer of rights is made or a similar benefit is secured,
are connected with each other.
(5)Condition C is that, immediately after the transfer of rights or the securing of the similar benefit, two or more persons—
(a)hold rights to receive a payment under the security, or
(b)enjoy a similar benefit.
(6)Condition D is that, immediately after the transfer of rights or the securing of the similar benefit, the market value of all the relevant benefits of such of those persons as are connected equals or exceeds the market value of all other relevant benefits.
(7)In subsection (6) “relevant benefits” means—
(a)rights to receive a payment under the security, and
(b)similar benefits.
(8)In this section “security” includes an agreement under which a person receives an annuity or other annual payment (whether it is payable annually or at shorter or longer intervals) for a term which is not contingent on the duration of a human life or lives.
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