Gifts: Finance Act 2004 changes: gifts to settlor-interested settlements: donee is settlor-interested settlement immediately after disposal
Subject to certain exceptions, hold-over relief under TCGA92/S165 is unavailable where the “relevant disposal” (see CG66921C) is to the trustees of a settlement where, immediately after the disposal
- the settlement is a “settlor-interested settlement” (see CG66921A), or
- there is an “arrangement” (see CG66921A) in existence under which the settlement will or may become a settlor-interested settlement.
[TCGA92/S169B (1) and (2)]
The exceptions to this general rule are explained in CG66924.
Officers of the Board are given powers to obtain information for the purposes of TCGA92/S169B to TCGA92/S169F. Penalty proceedings under TMA70/S98 can be taken against someone who fails to produce this information (see CG66925).