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Finance Act 2013

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7(1)Section 89A (self-settlement by person with condition expected to lead to disability) is amended as follows.U.K.

(2)In subsection (1)(b), for the words following “A becoming” substitute “ a person falling within any paragraph of the definition of “disabled person” in paragraph 1 of Schedule 1A to the Finance Act 2005 ”.

(3)In subsection (2), after “settled property” insert “ or income arising from it ”.

(4)For subsections (5) and (6) substitute—

(5)For the purposes of subsection (1)(b), assume—

(a)that A will meet any conditions as to residence or presence that are required to establish entitlement to the allowance, payment or increased pension in question,

(b)that there will be no provision made by regulations under any of the following—

(i)sections 67(1) and (2), 72(8), 104(3) and 113(2) of SSCBA 1992,

(ii)sections 67(1) and (2), 72(8), 104(3) and 113(2) of SSCB(NI)A 1992, and

(iii)sections 85 and 86 of WRA 2012 and the corresponding provision having effect in Northern Ireland, and

(c)that A will not be prevented from receiving the allowance, payment or increased pension in question by any of the following—

(i)section 113(1) of SSCBA 1992,

(ii)section 113(1) of SSCB(NI)A 1992,

(iii)section 87 of WRA 2012 and the corresponding provision having effect in Northern Ireland,

(iv)articles 61 and 64 of the Personal Injuries (Civilians) Scheme 1983 (S.I. 1983/686),

(v)article 53 of the Naval, Military and Air Forces etc. (Disablement and Death) Service Pensions Order 2006 (S.I. 2006/606), and

(vi)article 42 of the Armed Forces and Reserve Forces (Compensation Scheme) Order 2011 (S.I. 2011/517).

(5)Before subsection (7) insert—

(6A)The trusts on which the settled property is held are not to be treated as falling outside subsection (2) by reason only of—

(a)the trustees' having powers that enable them to apply otherwise than for the benefit of the disabled person amounts (whether consisting of income or capital, or both) not exceeding the annual limit,

(b)the trustees' having the powers conferred by section 32 of the Trustee Act 1925 (powers of advancement),

(c)the trustees' having those powers but free from, or subject to a less restrictive limitation than, the limitation imposed by proviso (a) of subsection (1) of that section,

(d)the trustees' having the powers conferred by section 33 of the Trustee Act (Northern Ireland) 1958 (corresponding provision for Northern Ireland),

(e)the trustees' having those powers but free from, or subject to a less restrictive limitation than, the limitation imposed by subsection (1)(a) of that section, or

(f)the trustees' having powers to the like effect as the powers mentioned in any of paragraphs (b) to (e).

(6B)For the purposes of this section, the “annual limit” is whichever is the lower of the following amounts—

(a)£3,000, and

(b)3% of the amount that is the maximum value of the settled property during the period in question.

(6C)For those purposes the annual limit applies in relation to each period of 12 months that begins on 6 April.

(6D)The Treasury may by order made by statutory instrument—

(a)specify circumstances in which subsection (6A)(a) is, or is not, to apply in relation to a trust, and

(b)amend the definition of “the annual limit” in subsection (6B).

(6E)An order under subsection (6D) may—

(a)make different provision for different cases, and

(b)contain transitional and saving provision.

(6F)A statutory instrument containing an order under subsection (6D) may not be made unless a draft of the instrument has been laid before, and approved by a resolution of, the House of Commons.

(6)For subsection (8) substitute—

(8)In this section—

  • SSCBA 1992” means the Social Security Contributions and Benefits Act 1992,

  • SSCB(NI)A 1992” means the Social Security Contributions and Benefits (Northern Ireland) Act 1992, and

  • WRA 2012” means the Welfare Reform Act 2012.

(7)In the heading, for the words following “person” substitute expected to fall within the definition of “disabled person”.

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