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Finance Act 1977

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This is the original version (as it was originally enacted).

50Interests in settled property

(1)After paragraph 11(10) of Schedule 5 to the [1975 c. 7.] Finance Act 1975 (under which an interest in possession acquired by a company is not treated as such an interest unless the company's business consists wholly or mainly in the acquisition of interests in settled property) there shall be inserted—

“(10A)Where the acquisition mentioned in paragraph (b) of sub-paragraph (10) above was before 14th March 1975—

(a)the condition mentioned in paragraph (a) of that sub-paragraph shall be treated as satisfied if the business of the company was at the time of the acquisition such as is described in that paragraph ; and

(b)that condition need not be satisfied if the company is authorised to carry on long term business under Part I of the Insurance Companies Act 1974 or Part II of the Insurance Companies (Northern Ireland) Order 1976.”.

(2)This section shall be deemed to have come into force on 29th March 1977.

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