Section 272 | General interpretation.

(1)In this Act, except where the context otherwise requires,—^{F1F2F3F4F5F6F7F8F9F10F11F12F13F14F15F16F17F18F19F20F21F22F23F24F25F26F27F28F29F30F31F32F33F34F35F36F37}

“amount” includes value;

“authorised unit trust” means a scheme which is a unit trust scheme for the purposes of the Income Tax Acts (see section 1007 of the Income Tax Act 2007) and in the case of which an order under section 243 of the Financial Services and Markets Act 2000 is in force;

“barrister” includes a member of the Faculty of Advocates;

“the Board” means the Commissioners of Inland Revenue;

“commencement” of a settlement has the meaning given by section 48A;

“conditionally exempt transfer” shall be construed in accordance with section 30(2) above;

“disabled person's interest” has the meaning given by section 89B above;

“disposition” includes a disposition effected by associated operations;

“estate” shall be construed in accordance with sections 5, 55 and 151(4) above;

“estate duty” includes estate duty under the law of Northern Ireland;

“excluded benefit”, in relation to a pension scheme, has the meaning given by section 150A(6);

“excluded property” shall be construed in accordance with sections 6, 48 and 48ZA above and Schedule A1;

“exempt benefit”, in relation to a pension scheme and a deceased member of the scheme, has the meaning given by section 210(7);

“foreign-owned”, in relation to property at any time, means property— and section 48ZA(9) (accumulation of income) applies for the purposes of this paragraph as it applies for the purposes of section 48ZA(4);

((a))in the case of which the person beneficially entitled to it is at that time not a long-term UK resident, or

((b))if the property is comprised in a settlement, in the case of which the settlor—

((i))is alive and is at that time not a long-term UK resident,

((ii))died on or after 6 April 2025 and was not a long-term UK resident immediately before they died, or

(iii)died before 6 April 2025 and was domiciled outside the United Kingdom when the property became comprised in the settlement,

“Government department” includes a Northern Ireland department;

“heritable security” means any security capable of being constituted over any interest in land by disposition or assignation of that interest in security of any debt and of being recorded in the General Register of Sasines;

“HMRC” means Her Majesty's Revenue and Customs;

“immediate post-death interest” means an immediate post-death interest for the purposes of Chapter 2 of Part 3 (see section 49A above);

“incumbrance” includes any heritable security, or other debt or payment secured upon heritage;

“Inland Revenue charge” means a charge imposed by virtue of section 237 above;

“land” does not include any estate interest or right by way of mortgage or other security;

“local authority” has the meaning given by section 1130 of the Corporation Tax Act 2010;

“long-term UK resident” has the meaning given by sections 6A to 6C;

“member”, in relation to a registered pension scheme, a qualifying non-UK pension scheme or a section 615(3) scheme, has the same meaning as in Part 4 of the Finance Act 2004 (see section 151 of that Act);

“mortgage” includes a heritable security and a security constituted over any interest in movable property;

“nil-rate band maximum” has the meaning given by section 8A(7);

“notional pension property”, in relation to a member of a pension scheme and a pension scheme, means property to which the member is treated under section 150A(1) (certain pension property treated as part of estate) as having been beneficially entitled immediately before their death by reference to the arrangements under the scheme;

“open-ended investment company” means an open-ended investment company within the meaning given by section 236 of the Financial Services and Markets Act 2000 which is incorporated in the United Kingdom;

“personal representatives” includes any person by whom or on whose behalf an application for a grant of administration or for the resealing of a grant made outside the United Kingdom is made, and any such person as mentioned in section 199(4)(a) above;

“property” includes rights and interests of any description but does not include a settlement power;

“public display” means display to which the public are admitted, on payment or not, but does not include display with a view to sale;

“purchaser” means a purchaser in good faith for consideration in money or money’s worth other than a nominal consideration and includes a lessee, mortgagee or other person who for such consideration acquires an interest in the property in question;

“qualifying non-UK pension scheme” has the meaning given in section 271A;

“quoted”, in relation to any shares or securities, means listed on a recognised stock exchange ... and “unquoted”, in relation to any shares or securities, means not so listed;

“recognised stock exchange” has the meaning it has in the Income Tax Acts (see subsection (1) of section 1005 of the Income Tax Act 2007), and subsection (3) of that section (meaning of “listed” on a recognised stock exchange) applies for the purposes of this Act as it applies for the purposes of the Income Tax Acts;

“registered pension scheme” has the same meaning as in Part 4 of the Finance Act 2004;

“reversionary interest” has the meaning given by section 47 above;

“the scheme administrator”, in relation to a registered pension scheme, has the meaning given in section 270 of the Finance Act 2004;

“section 615(3) scheme” means a superannuation fund to which section 615(3)of the Taxes Act 1988 applies;

“settlement power” has the meaning given by section 47A above;

“settlement” and “settled property” shall be construed in accordance with section 43 above;

“settlor” shall be construed in accordance with section 44 above;

“step-child”, in relation to a civil partner, shall be construed in accordance with section 246 of the Civil Partnership Act 2004;

“tax” means inheritance tax;

“tax year” means a year beginning with 6 April and ending with the following 5 April;

“the tax year 2025-26” means the tax year beginning with 6 April 2025 (and any corresponding expression in which two years are similarly mentioned is to be read in the same way);

“transitional serial interest” means a transitional serial interest for the purposes of Chapter 2 of Part 3 (see section 49B above);

“the Taxes Act 1970” means the Income and Corporation Taxes Act 1970;

“The Taxes Act 1988” means the Income and Corporation Taxes Act 1988;

“the TCEA 2007” means the Tribunals, Courts and Enforcement Act 2007;

“the tribunal” means the First-tier Tribunal or, where determined by or under Tribunal Procedure Rules, the Upper Tribunal,

“trustee” shall be construed in accordance with section 45 above;and

“the 1992 Act” means the Taxation of Chargeable Gains Act 1992.

(2)A reference in this Act to a settlor’s being alive or dying is to be read, in relation to a settlor who is a body corporate, as a reference (respectively) to the body’s being in existence or ceasing to exist.^F38