Part 6

Revenue Functions

Inheritance tax functions

Director’s functions: transfers of value
321
1
For the purposes of this section the qualifying condition is that the Director 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 it is attributable (in whole or part) to criminal property.
2
If the qualifying condition is satisfied the Director may serve on the Board a notice which—
a
specifies the transfer of value, and
b
states that the Director intends to carry out the Revenue inheritance tax functions in relation to the transfer.
3
Service of a notice under subsection (2) vests in the Director the Revenue inheritance tax functions in relation to the transfer.
4
The Director—
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 the Director of the Revenue inheritance tax functions in relation to the transfer.
6
The vesting of a function in the Director 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.