C1Part 6Revenue Functions

Annotations:
Modifications etc. (not altering text)
C1

Pt. 6: power to repeal conferred (1.4.2008) by Serious Crime Act 2007 (c. 27), s. 94(1), Sch. 8 para. 102; S.I. 2008/755, art. 2(1)(a) (with arts. 3-14)

Inheritance tax functions

I1321F2The National Crime Agency's functions: transfers of value

1

For the purposes of this section the qualifying condition is that F3the National Crime Agency has reasonable grounds to suspect that—

a

there has been a transfer of value within the meaning of the Inheritance Tax Act 1984 (c. 51), and

b

the value transferred by F1the transfer of value is attributable (in whole or part) to criminal property.

2

If the qualifying condition is satisfied F3the National Crime Agency may serve on the Board a notice which—

a

specifies the transfer of value, and

b

states that F3the National Crime Agency intends to carry out the Revenue inheritance tax functions in relation to the transfer.

3

Service of a notice under subsection (2) vests in F3the National Crime Agency the Revenue inheritance tax functions in relation to the transfer.

4

F3the National Crime Agency—

a

may at any time serve on the Board a notice of withdrawal of the notice under subsection (2);

b

must serve such a notice of withdrawal on the Board if the qualifying condition ceases to be satisfied.

5

Service of a notice under subsection (4) divests F3the National Crime Agency of the Revenue inheritance tax functions in relation to the transfer.

6

The vesting of a function in F3the National Crime Agency under this section does not divest the Board or an officer of the Board of the function.

7

It is immaterial whether a transfer of value is suspected to have occurred before or after the passing of this Act.