2(1)Section 71 of IHTA 1984 (accumulation and maintenance trusts) is amended as follows.U.K.
(2)In subsection (1) (settled property to which section applies, subject to subsection (2)), for “subsection” substitute “ subsections (1A) to ”.
(3)After subsection (1) insert—
“(1A)This section does not apply to settled property at any particular time on or after 22nd March 2006 unless this section—
(a)applied to the settled property immediately before 22nd March 2006, and
(b)has applied to the settled property at all subsequent times up to the particular time.
(1B)This section does not apply to settled property at any particular time on or after 22nd March 2006 if, at that time, section 71A below applies to the settled property.”
(4)Where a chargeable transfer to which section 54A of IHTA 1984 applies was made before 22nd March 2006, that section has effect in relation to that transfer as if references in that section to section 71 of IHTA 1984 were to section 71 of IHTA 1984 without the amendments made by sub-paragraphs (2) and (3).
(5)There is no charge to tax under section 71 of IHTA 1984 in a case where settled property ceases, by the operation of the subsection (1B) inserted into that section by this paragraph, to be property to which that section applies.
(6)Sub-paragraphs (1) to (5) shall be deemed to have come into force on 22nd March 2006.