Finance Act, 1992
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Amendment of section 106 (acquisitions by discretionary trusts) of Finance Act, 1984. |
224.—(1) Section 106 of the Finance Act, 1984 , is hereby amended— | |
(a) in subsection (1) (as amended by the Finance Act, 1985 ), by the substitution of “21 years” for “25 years” in paragraph (c), and | ||
(b) by the insertion after subsection (2) of the following subsection— | ||
“(2A) Property which, under or in consequence of any disposition, is subject to a discretionary trust on the 31st day of January, 1993, shall, for the purposes of subsection (1), be deemed to become subject to the trust on that date.”. | ||
(2) Subsection (1)(a) shall have effect in relation to property which becomes subject to a discretionary trust on or after the 31st day of January, 1993. |