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(a) amending provisions of the Inheritance Tax Act 1984 relating to settled property, and
(b) amending, in connection with cases where a person's interest in settled property has come to an end, provisions relating to property that, for purposes of that Act, is property subject to a reservation.
56. Inheritance tax (purchase of interests in foreign trusts)
That provision (including provision having retrospective effect) may be made amending section 48 of the Inheritance Tax Act 1984.
That provision may be made in relation to pension schemes and similar schemes under which benefits are provided to or in respect of employees or former employees.
58. Stamp duty land tax (thresholds)
(1) In section 55 of the Finance Act 2003 in subsection (2), in Table A, for "£120,000", in both places, there shall be substituted "£125,000".
(2) In Schedule 5 to the Finance Act 2003, in paragraph 2(3), in Table A, for "£120,000", in both places, there shall be substituted "£125,000".
(3) The amendments made by this Resolution shall have effect in relation to any transaction of which the effective date (within the meaning of Part 4 of the Finance Act 2003) is after 22nd March 2006.
And it is hereby declared that it is expedient in the public interest that this Resolution should have statutory effect under the provisions of the Provisional Collection of Taxes Act 1968.
That the following provisions shall have effect for the period beginning with 23rd March 2006 and ending 31 days after the earliest of the dates mentioned in section 50(2) of the Finance Act 1973—
(1) In Schedule 13 to the Finance Act 1999, in paragraph 4, for "£120,000", in both places, there shall be substituted "£125,000".
(2) The amendment made by this Resolution shall have effect in relation to instruments executed after 22nd March 2006.
And it is hereby declared that it is expedient in the public interest that this Resolution should have statutory effect under the provisions of section 50 of the Finance Act 1973.
60. Stamp duty land tax (leases)
61. Stamp duty land tax (unit trust schemes)
(a) in subsection (1) for "provisions" there shall be substituted "provision", and
(b) in subsection (7) the words from "section 53" to "companies), or" shall be omitted.
(4) This Resolution shall have effect in relation to any land transaction of which the effective date is, or is after, 22nd March 2006 (but see paragraphs (5) and (6)).
(a) any land transaction which is effected in pursuance of a contract entered into and substantially performed before 2 p.m. on 22nd March 2006 ("the relevant time"), or
(b) any other land transaction which is effected in pursuance of a contract entered into before the relevant time and which is not an excluded transaction.
(6) For this purpose, a land transaction effected in pursuance of a contract is an excluded transaction if—
(a) any provision of the contract has effect by reference to a unit trust scheme and the scheme is not established before the relevant time,
(b) at or after the relevant time the contract is varied in a way that significantly affects the land transaction (see paragraph (7)),
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(c) the subject-matter of the land transaction is not identified in the contract in a way that would have enabled its acquisition before the relevant time,
(d) rights under the contract are assigned at or after the relevant time,
(e) the land transaction is effected in consequence of the exercise, at or after the relevant time, of any option, right of pre-emption or similar right, or
(f) at or after the relevant time there is an assignment, subsale or other transaction (relating to the whole or part of the contract's subject-matter) as a result of which a person other than the purchaser under the contract becomes entitled to call for a conveyance to him.
(7) For the purposes of paragraph (6)(b) the contract is varied in a way that significantly affects the land transaction if (and only if)—
(a) it is varied so as to substitute a different purchaser in relation to the land transaction,
(b) it is varied so as to alter the subject-matter of the land transaction, or
(c) it is varied so as to alter the consideration for the land transaction.
(8) Expressions which are used in Part 4 of the Finance Act 2003 and in this Resolution have the same meaning in this Resolution as in that Part.
And it is hereby declared that it is expedient in the public interest that this Resolution should have statutory effect under the provisions of the Provisional Collection of Taxes Act 1968.
62. Stamp duty land tax (alternative finance)
(1) In section 42 of the Finance Act 1996, for the amount specified in subsection (1)(a), and the corresponding amount specified in subsection (2), there shall be substituted "£21".
(2) This Resolution shall have effect in relation to taxable disposals made, or treated as made, on or after 1st April 2006.
And it is hereby declared that it is expedient in the public interest that this Resolution should have statutory effect under the provisions of the Provisional Collection of Taxes Act 1968.
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