http://www.legislation.gov.uk/ukpga/2006/25/schedule/20/part/3/crossheading/alterations-of-capital-etc-of-close-company-where-participator-holds-shares-etc-in-company-as-trustee-of-settled-property-in-which-an-interest-in-possession-subsists
Finance Act 2006
An Act to grant certain duties, to alter other duties, and to amend the law relating to the National Debt and the Public Revenue, and to make further provision in connection with finance.
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Statute Law Database
2024-01-12
Expert Participation
2020-12-31
SCHEDULES
SCHEDULE 20Inheritance tax: rules for trusts etc
Part 3Related amendments in IHTA 1984
Alterations of capital etc of close company where participator holds shares etc in company as trustee of settled property in which an interest in possession subsists
25
In section 100 of IHTA 1984 (alteration of close company's capital etc where participator is trustee of settlement under which an individual is beneficially entitled to an interest in possession), after subsection (1) insert—
1A
Where the interest in possession is one to which the individual became beneficially entitled on or after 22nd March 2006, this section applies only if the interest in possession is—
a
an immediate post-death interest,
b
a disabled person's interest, or
c
a transitional serial interest.