Section FC 4 — Income Tax Act 2007: Property transferred to charities or to close relatives and others

FC 4 Property transferred to charities or to close relatives and others When this section applies (1) This section applies in the circumstances described in section FC 1(1)(b) when tax-base property is transferred on a person's death when the only beneficiaries of the deceased person are— (a) a close relative of the deceased person: (b) a person exempt under section CW 43 (Charitable bequests). Treated as transfer under settlement of relationship property (2) The transfer is treated as a transfer of property on a settlement of relationship property for the purposes of subpart FB (Transfers of relationship property) if the following requirements are met: (a) no life interest in the property is created; and (b) no trust over the property is created, other than a trust to execute the will and administer the estate; and (c) while the administration of the estate is continuing, the net income of the estate is distributed to the extent allowed— (i) under the will or the rules governing intestacy; and (ii) by the trustee’s legal obligations. Defined in this Act: close relative , net income , settlement of relationship property , tax-base property , trustee , Compare: 2004 No 35 s FI 5 Section FC 4(1): substituted, on 6 October 2009, by section 205(2) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section FC 4(2): amended, on 6 October 2009, by section 205(3) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section FC 4 list of defined terms tax-base property : repealed (with effect on 1 April 2008), on 6 October 2009, by section 205(4) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).