Search Legislation

Finance Act 2006

 Help about what version

What Version

 Help about advanced features

Advanced Features

Changes over time for: Cross Heading: Distributions within two years of person's death out of property settled by his will

 Help about opening options

Alternative versions:

Status:

Point in time view as at 22/03/2006.

Changes to legislation:

There are currently no known outstanding effects for the Finance Act 2006, Cross Heading: Distributions within two years of person's death out of property settled by his will. Help about Changes to Legislation

Close

Changes to Legislation

Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.

Distributions within two years of person's death out of property settled by his willU.K.

27(1)Section 144 of IHTA 1984 (distribution etc from property settled by will) is amended as follows.U.K.

(2)In subsection (1)—

(a)for “This section applies” substitute “ Subsection (2) below applies ”, and

(b)in paragraph (a), for “(apart from this section)” substitute “ (apart from subsection (2) below) ”.

(3)After subsection (1) insert—

(1A)Where the testator dies on or after 22nd March 2006, subsection (1) above shall have effect as if the reference to any interest in possession were a reference to any interest in possession that is—

(a)an immediate post-death interest, or

(b)a disabled person's interest.

(4)In subsection (2), for “this section” (in both places) substitute “ this subsection ”.

(5)After subsection (2) insert—

(3)Subsection (4) below applies where—

(a)a person dies on or after 22nd March 2006,

(b)property comprised in the person's estate immediately before his death is settled by his will, and

(c)within the period of two years after his death, but before an immediate post-death interest or a disabled person's interest has subsisted in the property, there occurs an event that involves causing the property to be held on trusts that would, if they had in fact been established by the testator's will, have resulted in—

(i)an immediate post-death interest subsisting in the property, or

(ii)section 71A or 71D above applying to the property.

(4)Where this subsection applies by virtue of an event—

(a)this Act shall have effect as if the will had provided that on the testator's death the property should be held as it is held after the event, but

(b)tax shall not be charged on that event under any provision of Chapter 3 of Part 3 of this Act.

(5)Subsection (4) above also applies where—

(a)a person dies before 22nd March 2006,

(b)property comprised in the person's estate immediately before his death is settled by his will,

(c)an event occurs—

(i)on or after 22nd March 2006, and

(ii)within the period of two years after the testator's death,

that involves causing the property to be held on trusts within subsection (6) below,

(d)no immediate post-death interest, and no disabled person's interest, subsisted in the property at any time in the period beginning with the testator's death and ending immediately before the event, and

(e)no other interest in possession subsisted in the property at any time in the period beginning with the testator's death and ending immediately before 22nd March 2006.

(6)Trusts are within this subsection if they would, had they in fact been established by the testator's will and had the testator died at the time of the event mentioned in subsection (5)(c) above, have resulted in—

(a)an immediate post-death interest subsisting in the property, or

(b)section 71A or 71D above applying to the property.

Back to top

Options/Help

Print Options

You have chosen to open The Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Act as a PDF

The Whole Act you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open the Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open the Whole Act without Schedules

The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open Schedules only

The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Point in Time: This becomes available after navigating to view revised legislation as it stood at a certain point in time via Advanced Features > Show Timeline of Changes or via a point in time advanced search.

Close

See additional information alongside the content

Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.

Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

Timeline of Changes

This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.

Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources