Citation, commencement and interpretation

1. —(1) This Order may be cited as the Skipton Fund Limited (Application of Sections 731, 733 and 734 of the Income Tax (Trading and Other Income) Act 2005) Order 2011 and shall come into force on 18th May 2011.

(2) In this Order “Skipton Fund Limited” and “Qualifying Person” have the meanings given in respectively section 731(7) and (8) of the Income Tax (Trading and Other Income) Act 2005(treated as inserted by article 2(2)(b)).

Application of sections 731, 733 and 734 of the Income Tax (Trading and Other Income) Act 2005

2. —(1) Sections 731, 733 and 734 of the Income Tax (Trading and Other Income) Act 2005 shall have effect with the following modifications in relation to payments made pursuant to a scheme or arrangement administered by Skipton Fund Limited to a Qualifying Person.

(2) In section 731 (periodical payments of personal injury damages etc. )—

(a) in subsection (2)—

(i) the “or” at the end of the paragraph (d) is treated as omitted;

(ii) after paragraph (e) there is treated as inserted—

“ , or

(f) a scheme or arrangement administered by Skipton Fund Limited, so far as it relates to a Qualifying Person. ” ;

(b) after subsection (6) there is treated as inserted—

“ (7) In this section “Skipton Fund Limited” means the company limited by guarantee of that name (company number 5084964).

(8) In this section and sections 733 and 734 “Qualifying person” has the meaning given in the agreement entered into between the Secretary of State for Health and Skipton Fund Limited dated 24th March 2011. ” .

(3) In section 733(a) (persons entitled to exemption for personal injury payments etc.)—

(a) after “the person” there is treated as inserted “(“A”) who is a Qualifying Person or who is”;

(b) “(“A”) is treated as omitted.

(4) In section 734(1)(a) (payments from trusts for injured persons) after “who is” there is to be treated as inserted “a Qualifying Person or who is”.