§ Amendments made: No. 91, in page 362, line 30, leave out from 'time' to end of line 31 and insert—
when—
- the relevant property, or
- any other property—
- (i) which derives its value from the relevant property, and
- (ii) whose value, so far as attributable to the relevant property, is not substantially less than the value of the relevant property,
§ (3A) Where any property which falls within sub-paragraph (3B) in relation to a person includes property—
- which derives its value from the relevant property, and
- whose value, so far as attributable to the relevant property, is substantially less than the value of the relevant property,
§ (3B) Property falls within this sub-paragraph in relation to a person at a time when it—'
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§
No. 92, in page 363, line 10, leave out from 'whether' to first 'in' in line 11 and insert
'any property falls within sub-paragraph (3B)(b), (c) or (d)'.
§
No. 93, in page 363, leave out line 23 and insert
'Property is not to be treated as falling within sub-paragraph (3B)(b) at any time'.
§ No. 94, in page 364, line 14, leave out '8(2)' and insert '8(3)'.
§ No. 95, in page 365, line 31, after 'to' insert 'his enjoyment of'.
§
No. 96, in page 365, line 32, leave out
'by reference to the relevant property'.
§
No. 97, in page 365, line 34, at end insert
'by reference to his enjoyment of the relevant property, or of any other property for which the relevant property has been substituted.'.
§
No. 98, in page 365, line 36, leave out
'by reference to the relevant property.
§
No. 99, in page 365, line 38, after 'assessment' insert
'by reference to his enjoyment of the relevant property or of any property which may be substituted for the relevant property'.
§ No. 100, in page 365, line 42, after first 'the' insert 'chargeable proportion of the'.
§
No. 101, in page 365, line 45, at end insert—
'(2A) In this paragraph, "the chargeable proportion", in relation to any property, means—
§ DV/V
§ where DV and V are to be read in accordance with sub-paragraph 4(2) or 7(2), as the case requires, but as if—
- any reference in paragraph 4(2) or 7(2) to the valuation date were a reference—
- (i) in the case of property falling within subsection (3) of section 102 of the Finance Act 1986, to the date of the death of the chargeable person, and
- (ii) in the case of property falling within subsection (4) of that section, to the date on which the property ceases to be treated as property subject to a reservation, and
- the transactions to be taken into account in calculating DV included transactions after the time when the election takes effect as well as transactions before that time.'.
§
No. 102, in page 366, line 10, leave out
'by reference to the relevant property'.
§
No. 103, in page 366, line 11, at end insert
'by reference to the relevant property or any property which the relevant property represents or is derived from'.
§
No. 104, in page 366, line 13, leave out
'by reference to the relevant property'.
§
No. 105, in page 366, line 15, after 'assessment' insert
'by reference to the relevant property or any property which represents or is derived from the relevant property'.
§
No. 106, in page 366, line 17, leave out 'the property' and insert
'the relevant property and any property which represents or is derived from the relevant property'.
§
No. 107, in page 366, line 22, leave out from 'property' to 'remains' in line 24 and insert
or the property which represents or is derived from the relevant property'.
§
No. 108. in page 366, line 41, at end insert—
'(6) Subject to sub-paragraph (5), the election takes effect for the purposes of inheritance tax from the beginning of the initial year within the meaning of paragraph 21 or (as the case requires) paragraph 22 or, if later, the date on which the chargeable person would (but for the election) have first become chargeable under this Schedule by reference to the property to which the election relates.'.—Dawn Primarolo.