Finance Act, 1940
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Amendment of section 20 of the Finance Act, 1922. |
3.—(1) Section 20 of the Finance Act, 1922 , shall be construed and have effect as if paragraph (b) of sub-section (1) of the said section were deleted and the following paragraph inserted in lieu thereof, that is to say:— | |
“(b) which by virtue of or in consequence of any disposition made, directly or indirectly, by any person (other than a disposition made for valuable and sufficient consideration) is payable to or applicable for the benefit of any other person, but excluding any income which— | ||
(i) arises from capital of which the disponer by the disposition has divested absolutely himself in favour of or for the benefit of the said other person, or | ||
(ii) being payable to a person who is an individual for his own use, is so payable for a period which exceeds or may exceed six years, or | ||
(iii) being applicable for the benefit of a named person who is an individual, is so applicable for a period which exceeds or may exceed six years.” | ||
(2) The amendment of section 20 of the Finance Act, 1922 , made by the foregoing sub-section of this section shall apply in respect of every disposition made on or after the 8th day of May, 1940, (whether before or after the passing of this Act) and shall also apply, as on and from the 6th day of April, 1947, in respect of every disposition which was made prior to the 8th day of May, 1940, and of which the effect is not spent on the 6th day of April, 1947. |