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SOCIAL SECURITY ACT 1991 - SECT 1126E

Modification of this Division in respect of certain assets

  (1)   This section applies if:

  (a)   in respect of a disposal (the relevant disposal ) of an asset, an amount (the current amount ) is being included under this Division (including because of this section) in the value of the assets of a person (the affected person ); and

  (b)   during the 5 - year period referred to in subsection   1126AA(2), 1126AB(2), 1126AC(2), 1126AD(2), 1126C(2) or 1126D(2), one of the following events happens:

  (i)   in the case of section   1126AA or 1126AB--the person referred to in subsection   1126AA(1) or 1126AB(1) acquires the asset or receives consideration for the asset;

  (ii)   in the case of section   1126AC or 1126AD--the person referred to in paragraph   1126AC(1)(a) or 1126AD(1)(a), or the person's partner, acquires the asset or receives consideration for the asset or they jointly acquire the asset or jointly receive consideration for the asset;

  (iii)   in the case of section   1126C or 1126D--the relevant person referred to in subsection   1126C(1) or 1126D(1) acquires the asset or receives consideration for the asset; and

  (c)   during that 5 - year period, the Secretary is notified in writing of the circumstances covered by paragraph   (b).

  (2)   The Secretary may, having regard to the event, determine in writing that:

  (a)   from the start of the day on which the notification occurs, section   1126AA, 1126AB, 1126AC, 1126AD, 1126C or 1126D ceases to apply in respect of the relevant disposal; or

  (b)   both:

  (i)   from the start of the day on which the notification occurs, the current amount ceases to be included in the value of the affected person's assets; and

  (ii)   from the start of the day on which the notification occurs until the end of that 5 - year period, an amount specified in the determination (being an amount less than the current amount) is to be included in the value of the affected person's assets in respect of the relevant disposal.

  (3)   The Secretary must give the affected person written notice of the determination.

  (4)   A determination under subsection   (2) is not a legislative instrument.


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