Legislation – Finance Act 2026
Changes to legislation:
Finance Act 2026, Paragraph 15 is up to date with all changes known to be in force on or before 17 April 2026. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
Changes to Legislation
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Changes and effects yet to be applied to Schedule 3 Paragraph 15:
- Pt. 15 excluded by S.I. 2026/331 reg. 19
Changes and effects yet to be applied to the whole Act associated Parts and Chapters:
Whole provisions yet to be inserted into this Act (including any effects on those provisions):
- Pt. 15 excluded by S.I. 2026/331 reg. 19
Schedule 3Non-resident, and previously non-domiciled individuals
Part 2Temporary repatriation facility
Effect on section 65(5)(b) IHTA charge etc
15
“Effect of this Schedule on section 65(5) IHTA 1984 and section 260(2) of TCGA 1992
13B
(1)
The effects of Parts 1 and 2 of this Schedule are to be ignored for the purposes of section 65(5)(b) of IHTA 1984 (and accordingly will not prevent any amount being regarded as income of a person for the purposes of income tax for the purposes of that section).
(2)
Where—
(a)
the trustees of a settlement make a capital payment to an individual,
(b)
the making of that payment results in the individual having qualifying overseas capital,
(c)
that qualifying overseas capital is designated,
so much of the deemed disposal under section 71 of TCGA 1992 arising on the making of the payment as reflects the designated qualifying overseas capital is (despite sub-paragraph (1)) treated as a chargeable transfer within the meaning of IHTA 1984 for the purposes only of section 260(2)(a) of TCGA 1992 (gifts on which inheritance tax is chargeable etc).”