203Inheritance tax exemptions
(1)The Inheritance Tax Act 1984 (c. 51) is amended as follows.
(2)In section 12 (dispositions that are not transfers of value)—
(a)in subsection (2), for the words following “if” substitute “it is a contribution under a registered pension scheme or section 615(3) scheme in respect of an employee of the person making the disposition.”, and
(b)omit subsections (3) and (4).
(3)In section 58(1) (settled property in which no qualifying interest in possession subsists but which is not “relevant property”), for paragraph (d) substitute—
“(d)property which is held for the purposes of a registered pension scheme or section 615(3) scheme;”.
(4)In section 151 (treatment of pension rights etc.)—
(a)omit subsections (1) and (1A),
(b)in subsections (2), (4) and (5), for “fund or scheme to which this section applies” substitute “registered pension scheme or section 615(3) scheme”, and
(c)in subsection (2)(b), for the “fund or scheme” (in both places) substitute “scheme”.
(5)In section 152 (cash options), for the words from the beginning to “or scheme” substitute “Where on a person’s death an annuity becomes payable under a registered pension scheme or section 615(3) scheme to a widow, widower or dependant of that person and under the terms of the scheme”.
(6)In section 272 (general interpretation), insert at the appropriate places—
““registered pension scheme” has the same meaning as in Part 4 of the Finance Act 2004;”, and
““section 615(3) scheme” means a superannuation fund to which section 615(3)of the Taxes Act 1988 applies;”.