80 Restriction of exemption from charge to income tax
Finance Act 2006 (2006 c 25) | Legislation

Pre-owned assets

80  Restriction of exemption from charge to income tax

(1)     Schedule 15 to FA 2004 (charge to income tax on benefits received by former owner of property) is amended as follows.

(2)     In paragraph 11 (exemptions from charge)—

(a)     in sub-paragraph (9) (meaning of “the relevant property”) for “sub-paragraphs (1) to (8)” substitute “this paragraph”, and

(b)     at the end insert—

“(11)     Sub-paragraph (12) applies where at any time—

(a)     the relevant property has ceased to be comprised in a person's estate for the purposes of IHTA 1984, or

(b)     he has directly or indirectly provided any consideration for the acquisition of the relevant property,

and at any subsequent time the relevant property or any derived property is comprised in his estate for the purposes of IHTA 1984 as a result of section 49(1) of that Act (treatment of interests in possession).

(12)     Where this sub-paragraph applies, the relevant property and any derived property—

(a)     are not to be treated for the purposes of sub-paragraphs (1) and (2) as comprised in his estate at that subsequent time, and

(b)     are not to be treated as falling

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