Search Legislation

The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001

 Help about what version

What Version

  • Latest available (Revised)
  • Original (As made)

Status:

This is the original version (as it was originally made). This item of legislation is currently only available in its original format.

The Inheritance Tax Act 1984 (c. 51)

Settled property: qualifying interests in possession

5.—(1) Amend section 59 of the Inheritance Tax Act 1984 (conditions to be met in relation to qualifying interests in possession)(1) as follows.

(2) In subsection (3)(b) for the words from “either” to the end substitute

  • has permission—

    (i)

    under Part 4 of the Financial Services and Markets Act 2000, or

    (ii)

    under paragraph 15 of Schedule 3 to that Act(2) (as a result of qualifying for authorisation under paragraph 12(1) of that Schedule),

    to effect or carry out contracts of long-term insurance..

(3) After subsection (3) add—

(4) In subsection (3)(b) above “contracts of long-term insurance” means contracts which fall within Part II of Schedule 1 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001(3)..

(4) This Article has effect in relation to the making, on an anniversary or other occasion on or after 1st December 2001, of any charge to tax under section 64 or 65 of the Inheritance Tax Act 1984.

(1)

Section 59 was relevantly amended by section 52(4) of the Finance Act 1995 (c. 4).

(2)

Schedule 3 was amended by regulation 8 of S.I. 2000/2952.

(3)

S.I. 2001/544.

Back to top

Options/Help

Print Options

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as made version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources