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Proceeds of Crime Act 2002

Inheritance Tax Functions

Section 321: Director’s functions: transfers of value

460.Inheritance tax is generally charged on a “transfer of value”, which is a disposition made by a person such that the value of their estate goes down. This section enables the Director to exercise inheritance tax functions if the qualifying condition is satisfied. The qualifying condition requires the Director to have reasonable grounds for believing that there has been a transfer of value and that the value transferred is in whole or in part attributable to criminal property. Criminal property is defined at section 326. The section includes provisions equivalent to those in subsections (2) to (4), (6) and (7) of section 317.

Section 322: Director’s functions: certain settlements

461.This section makes similar provision in cases of settlements of property which are not subject to a “qualifying interest in possession” (i.e. broadly, they are held on discretionary trusts).

462.In these cases, the Director may assume the Revenue's inheritance tax functions if he has reasonable grounds to believe that all or part of the property comprised in the settlement is criminal property.

463.The section includes provisions equivalent to those in subsections (2) to (4), (6) and (7) of section 317.

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