Paragraph 1

(1)

If the conditions mentioned in paragraph 2(1) below are fulfilled in respect of settled property, the Treasury shall, on a claim made for the purpose, give a direction under this paragraph in respect of the property.

(2)

The Treasury may give a direction under this paragraph in respect of property proposed to be comprised in a settlement or to be held on particular trusts in any case where, if the property were already so comprised or held, they would be obliged to give the direction.

(3)

Property comprised in a settlement by virtue of a transfer of value made before the coming into force of section 94 of the M1Finance Act 1982 and exempt under section 84 of the M2Finance Act 1976 shall be treated as property in respect of which a direction has been given under this paragraph.

Annotations

Marginal citations

M1: 1982 c.39.
M2: 1976 c.40.

Notes on the whole Act

Textual amendments

F1: By Finance Act 1986 s. 100(1), on and after 25 July 1986 the Capital Transfer Tax Act 1984 may be cited as the Inheritance Tax Act 1984.

Notes on Schedule 4

Modifications

C1: By Finance Act 1985 s. 95,the functions of the Treasury were transferred to the Commissioners of Inland Revenue (“the Board”).