Textual Amendments
F1Words in Pt. 3 Ch. 3 heading added (22.3.2006) by Finance Act 2006 (c. 25), s. 156, Sch. 20 para. 20(5)
Modifications etc. (not altering text)
C1 See Finance Act 1990 s. 126—exemption for pools payments to trustees for football ground improvements in respect of events on or after 6April 1990.
C2Pt. 3 Ch. 3 modified (22.7.2004) by Finance Act 2004 (c. 12), s. 283, Sch. 36 para. 57(1) (with s. 283(5))
C3Pt. 3 Ch. 3 modified (22.7.2004) by Finance Act 2004 (c. 12), s. 283, Sch. 36 para. 56(2)(b) (with s. 283(5))
C4Part III Chapter III (ss.58-85) excluded by Finance Act 1991 (c.31, SIF 63:1), s. 121(4).
Pt. III Ch. III (ss. 58-85) restricted (3.5.1994) by 1994 c. 9, s. 248
(1)A transfer of value arising by virtue of section 74A is to be taken to be a transfer which is not a potentially exempt transfer.
(2)For the purposes of section 74A—
(a)when determining the value transferred by a transfer of value arising by virtue of that section, no account is to be taken of section 3(2),
(b)nothing in section 10(1) applies to prevent such a transfer, and
(c)nothing in sections 102 to 102C of the Finance Act 1986 applies in relation to such a transfer.
(3)Where, ignoring this subsection, a transfer of value would arise by virtue of section 74A (“the current transfer”), the value transferred by a relevant related transfer is to be treated as reducing the value transferred by the current transfer.
But this subsection does not apply if and to the extent that the relevant related transfer has already been applied to reduce another transfer of value arising by virtue of that section.
(4)“Relevant related transfer” means—
(a)where the arrangements consist of a series of operations, any transfer of value constituted by one or more of those operations which occur before or at the same time as the current transfer, other than a transfer of value arising by virtue of section 74A, and
(b)where the arrangements consist of a single operation, any transfer of value which arises from that operation, other than a transfer of value arising by virtue of section 74A.
(5)Section 268(3) does not apply to a transfer of value arising by virtue of section 74A.
(6)Where—
(a)a transfer of value has arisen by virtue of section 74A,
(b)in the course of the arrangements the individual acquires an interest in possession in settled property, and
(c)section 5(1B) applies to the interest in possession so that it forms part of the individual's estate,
this Act has effect as if that transfer of value had never arisen.]
Textual Amendments
F2Ss. 74A-74C inserted (20.6.2012 and with effect in accordance with s. 210(5) of the amending Act) by Finance Act 2012 (c. 14), s. 210(3)