SCHEDULES

SCHEDULE 22 Transitional provision and consequential amendments for section 131

Consequential amendment of paragraph 9 of Schedule 5 to the 1992 Act

4

1

In sub-paragraph (7) of paragraph 9 of Schedule 5 (persons listed for the purpose of the conditions the fulfilment of which makes a pre-19th March 1991 settlement a qualifying settlement)—

a

after paragraph (d) there shall be inserted the following paragraphs—

da

any grandchild of a settlor or of a settlor’s spouse;

db

the spouse of any such grandchild;

b

in paragraph (e), for “(d)" there shall be substituted “ (db) ”.

2

For sub-paragraph (11) of that paragraph there shall be substituted the following sub-paragraph—

11

In this paragraph—

  • 'child’ includes a step-child;

  • 'grandchild’ means a child of a child;

  • 'participator’ has the meaning given by section 417(1) of the Taxes Act.

3

Sub-paragraph (1) above shall be disregarded for the purpose of determining whether either of the conditions set out in sub-paragraphs (5) and (6) of that paragraph became fulfilled at any time before 17th March 1998.