Section 62B | Same day additions: exceptions ^F1

From legislation.gov.uk

(1)There is not a same-day addition for the purposes of this Chapter if any of the following conditions is met—^F1

(a)immediately after the transfer of value mentioned in section 62A(1)(a) all the property comprised in settlement A was held for charitable purposes only without limit of time (defined by a date or otherwise),^F1

(b)immediately after the transfer of value mentioned in section 62A(1)(b) all the property comprised in settlement B was so held,^F1

(c)either or each of settlement A and settlement B is a protected settlement (see section 62C), and^F1

(d)the transfer of value, or either or each of the transfers of value, mentioned in section 62A(1)(a) and (b)—^F1

(i)results from the payment of a premium under a contract of life insurance the terms of which provide for premiums to be due at regular intervals of one year or less throughout the contract term, or^F1

(ii)is made to fund such a payment.^F1

(2)If the transfer of value, or each of the transfers of value, mentioned in section 62A(1) is not the transfer of value under section 4 on the settlor's death, there is a same-day addition for the purposes of this Chapter only if conditions A and B are met.^F1

(3)Condition A is that—^F1

(a)the difference between the two values mentioned in section 62A(1)(a) exceeds £5,000, or^F1

(b)in a case where there has been more than one transfer of value within section 62A(1)(a) on the same day, the difference between—^F1

(i)the value of the property comprised in settlement A immediately before the first of those transfers, and^F1

(ii)the value of the property comprised in settlement A immediately after the last of those transfers,^F1

exceeds £5,000.

(4)Condition B is that—^F1

(a)the difference between the two values mentioned in section 62A(1)(b) exceeds £5,000, or^F1

(b)in a case where there has been more than one transfer of value within section 62A(1)(b), the difference between—^F1

(i)the value of the property comprised in settlement B immediately before the first of those transfers, and^F1

(ii)the value of the property comprised in settlement B immediately after the last of those transfers,^F1

exceeds £5,000.