Finance Act 2011

Inheritance Tax Act 1984E+W+S+N.I.

49IHTA 1984 is amended as follows.E+W+S+N.I.

50(1)Section 12(dispositions allowable for income tax or conferring benefits under pension scheme) is amended as follows.E+W+S+N.I.

(2)In subsection (2F), omit paragraph (b)(and the “and” before it).

(3)In subsection (2G)—

(a)omit the definitions of “lump sum death benefit”, “pension death benefit” and “relevant dependant”;

(b)in the definition of “pension”, for “that Part” substitute “ Part 4 ”.

51In section 151 (treatment of pension rights, etc), in subsection (2), for “Subject to sections 151A and 151C below, an interest” substitute “ An interest ”.E+W+S+N.I.

52In section 200 (transfer on death)—E+W+S+N.I.

(a)in subsection (1), omit “(subject to subsection (1A) below)”;

(b)omit subsection (1A).

53In section 210 (pension rights, etc), omit subsections (2) and (3).E+W+S+N.I.

54(1)Section 216 (delivery of accounts) is amended as follows.E+W+S+N.I.

(2)In subsection (1), omit paragraph (bca).

(3)In subsection (3)(a), omit “(or would do apart from section 151A(3)(b) or 151C(3)(b) above)”.

(4)In subsection (4), omit “(or would be apart from section 151A(3)(b), 151C(3)(b) or 151B(4) above)”.

(5)In subsection (6), omit paragraph (ac).

(6)In subsection (7), for “, 126 or 151D” substitute “ or 126 ”.

55In section 226 (payment: general rules), in subsection (4)—E+W+S+N.I.

(a)for “, 126, 151B or 151D” substitute “ or 126 ”;

(b)omit from “, or under section 151A” to “that section,”.

56In section 233 (interest on unpaid tax), in subsection (1)(c)—E+W+S+N.I.

(a)for “, 126, 151B or 151D” substitute “ or 126 ”;

(b)omit from “, or under section 151A” to “that section,”.

57In section 272(general interpretation), omit the definition of “scheme administrator”.E+W+S+N.I.