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There are currently no known outstanding effects for the Finance Act 2006, Cross Heading: Settlements.
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Valid from 19/07/2006
Schedule 12 (which amends TCGA 1992 in respect of settlors and trustees of settlements and makes other minor and consequential amendments) shall have effect.
Schedule 13 (which amends ICTA and ITTOIA 2005 in respect of settlors and trustees of settlements and makes other minor and consequential amendments) shall have effect.
(1)Section 686 of ICTA (accumulation and discretionary trusts: special rates of tax) is amended as follows.
(2)In subsection (2), after paragraph (b) insert—
“(ba)is not income from service charges held on trust (or, in Scotland, held in trust) by a relevant housing body; and”.
(3)After subsection (6) insert—
“(6ZA)In this section—
“relevant housing body” means—
a local authority,
a registered social landlord,
a Northern Ireland housing association,
a charitable housing association,
a charitable housing trust,
a housing action trust established under Part 3 of the Housing Act 1988,
the Housing Corporation, or
the Northern Ireland Housing Executive; and
“service charge” has the meaning given by section 18(1) of the Landlord and Tenant Act 1985.
(6ZB)In subsection (6ZA)—
“charitable housing association” means a society, body or company which—
satisfies the conditions in section 5(1)(a) and (b) of the Housing Act 1985, and
is registered in a register kept under section 3 of the Charities Act 1993 or section 3 of the Charities and Trustee Investment (Scotland) Act 2005;
“charitable housing trust” means a corporation or body which—
satisfies the condition in section 6(a) or (b) of the Housing Act 1985, and
is registered in a register kept under section 3 of the Charities Act 1993 or section 3 of the Charities and Trustee Investment (Scotland) Act 2005;
“Northern Ireland housing association” means a body which is registered in the register maintained under Article 14 of the Housing (Northern Ireland) Order 1992; and
“registered social landlord” means a body which is registered in a register maintained under section 1 of the Housing Act 1996 or section 57 of the Housing (Scotland) Act 2001.”
(4)This section has effect for the year 2006-07 and subsequent years of assessment.
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