Source: http://www.legislation.gov.uk/ukpga/1999/16/section/104
Timestamp: 2013-05-22 19:54:20
Document Index: 120736010

Matched Legal Cases: ['art. 3', 'art. 3', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 3', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 4', 'art. 2']

Skip to main contentSkip to navigationlegislation.gov.ukThe National ArchivesHelpSite MapAccessibilityContact UsHomeAbout UsBrowse LegislationNew LegislationChanges to LegislationSearch LegislationSearch LegislationTitle: (or keywords in the title)Year:Number:Type:All Legislation (excluding draft)All Primary Legislation UK Public General Acts UK Local Acts Acts of the Scottish Parliament Acts of the National Assembly for Wales Measures of the National Assembly for Wales Church Measures Acts of the Northern Ireland Assembly Acts of the Old Scottish Parliament Acts of the English Parliament Acts of the Old Irish Parliament Acts of the Parliament of Great Britain Northern Ireland Orders in Council Measures of the Northern Ireland Assembly Acts of the Northern Ireland ParliamentAll Secondary Legislation UK Statutory Instruments Wales Statutory Instruments Scottish Statutory Instruments Northern Ireland Statutory Rules Church Instruments UK Ministerial Orders UK Statutory Rules and OrdersAll Draft Legislation UK Draft Statutory Instruments Scottish Draft Statutory Instruments Northern Ireland Draft Statutory RulesAll Impact Assessments UK Impact AssessmentsSearchAdvanced SearchFinance Act 1999You are here:1999 c. 16Part VSection 104Table of ContentsContentMore ResourcesPrevious: ProvisionNext: ProvisionPlain ViewPrint Options
Changes to legislation:There are outstanding changes not yet made by the legislation.gov.uk editorial team to Finance Act 1999. Any changes that have already been made by the team appear in the content and are referenced with annotations.Changes to LegislationRevised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the legislation in the affected provisions. Use the ‘more’ link to open the changes and effects relevant to the provision you are viewing.Changes and effects yet to be applied to the whole Act, associated Parts and Chapters:Changes and effectsThis section lists the changes and effects yet to be applied to the whole Act, associated Parts and Chapters where applicable. This includes any insertions of whole new Parts, Chapters or provisions yet to be inserted into this Act. These effects are included in this view as they may be (but won’t necessarily be) relevant to the specific provision that you are viewing.Blanket amendment words substituted by S.I. 2011/1043 art. 3 4Blanket amendment words substituted by S.I. 2011/1043 art. 3 6Commencement Orders yet to be applied to the Finance Act 1999:Commencement OrdersThis section lists the commencement orders yet to be applied to the whole Act. These effects are included in this view as they may be (but won’t necessarily be) relevant to the specific provision that you are viewing. Where applicable the commencement orders are listed under two headings, firstly those that bring some part of the Act you are viewing into force and secondly, those that bring into force legislation that affects some part of the legislation you are viewing. If you are viewing a prospective version or there is a prospective version available there may be commencement orders listed here that are relevant to the provision you are viewing.Commencement Orders bringing legislation that affects this Act into force:S.I. 2003/392 art. 2 commences (2002 c. 21)S.I. 2003/938 art. 2 Sch. commences (2002 c. 21)S.I. 2003/962 art. 2(3) (4) Sch. 1 2 commences (2002 c. 21)S.I. 2003/1900 art. 2(1) Sch. 1 commences (2003 c. 21)S.I. 2003/3142 art. 3(2) commences (2003 c. 21)S.I. 2005/1126 art. 2 commences (2005 c. 11)S.I. 2009/402 art. 2 commences (2008 c. 9)S.I. 2009/404 art. 2 commences (2008 c. 9)S.I. 2009/571 art. 2-5 commences (2008 c. 9)S.I. 2010/128 art. 2 commences (2006 c. 18)S.I. 2010/495 art. 4(d) commences (2006 c. 18)S.S.I. 2003/456 art. 2 commences (2000 asp 5)104 Gifts.E+W+S+N.I.The following shall be inserted after section 102 of the M1Finance Act 1986 (inheritance tax: gifts with reservation)—
“102A Gifts with reservation: interest in land.(1)This section applies where an individual disposes of an interest in land by way of gift on or after 9th March 1999.
(2)At any time in the relevant period when the donor or his spouse enjoys a significant right or interest, or is party to a significant arrangement, in relation to the land—
(a)the interest disposed of is referred to (in relation to the gift and the donor) as property subject to a reservation; and
(b)section 102(3) and (4) above shall apply.
(3)Subject to subsections (4) and (5) below, a right, interest or arrangement in relation to land is significant for the purposes of subsection (2) above if (and only if) it entitles or enables the donor to occupy all or part of the land, or to enjoy some right in relation to all or part of the land, otherwise than for full consideration in money or money’s worth.
(4)A right, interest or arrangement is not significant for the purposes of subsection (2) above if—
(a)it does not and cannot prevent the enjoyment of the land to the entire exclusion, or virtually to the entire exclusion, of the donor; or
(b)it does not entitle or enable the donor to occupy all or part of the land immediately after the disposal, but would do so were it not for the interest disposed of.
(5)A right or interest is not significant for the purposes of subsection (2) above if it was granted or acquired before the period of seven years ending with the date of the gift.
(6)Where an individual disposes of more than one interest in land by way of gift, whether or not at the same time or to the same donee, this section shall apply separately in relation to each interest.
102B Gifts with reservation: share of interest in land.(1)This section applies where an individual disposes, by way of gift on or after 9th March 1999, of an undivided share of an interest in land.
(2)At any time in the relevant period, except when subsection (3) or (4) below applies—
(a)the share disposed of is referred to (in relation to the gift and the donor) as property subject to a reservation; and
(3)This subsection applies when the donor—
(a)does not occupy the land; or
(b)occupies the land to the exclusion of the donee for full consideration in money or money’s worth.
(4)This subsection applies when—
(a)the donor and the donee occupy the land; and
(b)the donor does not receive any benefit, other than a negligible one, which is provided by or at the expense of the donee for some reason connected with the gift.
102C Sections 102A and 102B: supplemental.(1)In sections 102A and 102B above “the relevant period” has the same meaning as in section 102 above.
(2)An interest or share disposed of is not property subject to a reservation under section 102A(2) or 102B(2) above if or, as the case may be, to the extent that the disposal is an exempt transfer by virtue of any of the provisions listed in section 102(5) above.
(3)In applying sections 102A and 102B above no account shall be taken of—
(a)occupation of land by a donor, or
(b)an arrangement which enables land to be occupied by a donor,
in circumstances where the occupation, or occupation pursuant to the arrangement, would be disregarded in accordance with paragraph 6(1)(b) of Schedule 20 to this Act.
(4)The provisions of Schedule 20 to this Act, apart from paragraph 6, shall have effect for the purposes of sections 102A and 102B above as they have effect for the purposes of section 102 above; and any question which falls to be answered under section 102A or 102B above in relation to an interest in land shall be determined by reference to the interest which is at that time treated as property comprised in the gift.
(5)Where property other than an interest in land is treated by virtue of paragraph 2 of that Schedule as property comprised in a gift, the provisions of section 102 above shall apply to determine whether or not that property is property subject to a reservation.
(6)Sections 102 and 102A above shall not apply to a case to which section 102B above applies.
(7)Section 102A above shall not apply to a case to which section 102 above applies.”
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