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.