Part 3 Related Amendments in IHTA 1984
Finance Act 2006 (2006 c 25) | Legislation

Part 3 Related Amendments in IHTA 1984

Commencement

7

The following paragraphs of this Part of this Schedule shall be deemed to have come into force on 22nd March 2006.

Deemed disposition where omission to exercise a right increases value of another person's estate or of settled property not aggregated with a person's estate

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In section 3(3) of IHTA 1984 (failure to exercise a right treated as disposition if the omission increases the value of another person's estate or the value of settled property in which no interest in possession subsists), for the words from the beginning to “increased†substitute—

“Where the value of a person's estate is diminished, and the value—

(a)     of another person's estate, or

(b)     of any settled property, other than settled property treated by section 49(1) below as property to which a person is beneficially entitled,

is increasedâ€.

Potentially exempt transfers: provision in consequence of section 71 of IHTA 1984 not applying to property settled on or after 22nd March 2006

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(1)     Section 3A of IHTA 1984 (potentially exempt transfers) is amended as follows.

(2)     In subsection (1)(a) (transfer must be one made on or after 18th

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