Part 6Revenue Functions
Inheritance tax functions
321F1SOCA's functions: transfers of value
(1)
For the purposes of this section the qualifying condition is that F2SOCA has reasonable grounds to suspect that—
(a)
there has been a transfer of value within the meaning of the Inheritance Tax Act 1984 (c. 51), and
(b)
the value transferred by F3the transfer of value is attributable (in whole or part) to criminal property.
(2)
If the qualifying condition is satisfied F4SOCA may serve on the Board a notice which—
(a)
specifies the transfer of value, and
(b)
states that F4SOCA intends to carry out the Revenue inheritance tax functions in relation to the transfer.
(3)
Service of a notice under subsection (2) vests in F5SOCA the Revenue inheritance tax functions in relation to the transfer.
(4)
F6SOCA —
(a)
may at any time serve on the Board a notice of withdrawal of the notice under subsection (2);
(b)
must serve such a notice of withdrawal on the Board if the qualifying condition ceases to be satisfied.
(5)
Service of a notice under subsection (4) divests F7SOCA of the Revenue inheritance tax functions in relation to the transfer.
(6)
The vesting of a function in F8SOCA under this section does not divest the Board or an officer of the Board of the function.
(7)
It is immaterial whether a transfer of value is suspected to have occurred before or after the passing of this Act.
322F9SOCA's functions: certain settlements
(1)
For the purposes of this section the qualifying condition is that F10SOCA has reasonable grounds to suspect that—
(a)
all or part of the property comprised in a settlement is relevant property for the purposes of Chapter 3 of Part 3 of the Inheritance Tax Act 1984 (settlements without interest in possession), and
(b)
the relevant property is (in whole or part) criminal property.
(2)
If the qualifying condition is satisfied F11SOCA may serve on the Board a notice which—
(a)
specifies the settlement concerned,
(b)
states that F11SOCA intends to carry out the Revenue inheritance tax functions in relation to the settlement, and
(c)
states the period for which F12SOCA intends to carry them out.
(3)
Service of a notice under subsection (2) vests in F13SOCA the Revenue inheritance tax functions in relation to the settlement for the period.
(4)
F14SOCA —
(a)
may at any time serve on the Board a notice of withdrawal of the notice under subsection (2);
(b)
must serve such a notice of withdrawal on the Board if the qualifying condition ceases to be satisfied.
(5)
Service of a notice under subsection (4) divests F15SOCA of the Revenue inheritance tax functions in relation to the settlement for the period.
(6)
The vesting of a function in F16SOCA under this section does not divest the Board or an officer of the Board of the function.
(7)
It is immaterial whether the settlement is commenced or a charge to tax arises or a period or any part of it falls before or after the passing of this Act.