Legalize / United Kingdom / Public General Act

Inheritance Tax Act 1984

Type Public General Act

Publication 1984-07-31

Last updated 2025-04-06

State In force

Department Statute Law Database

Source legislation.gov.uk

articles Not indexed

Reform history JSON API

(a) in a case where the appellant required the review, the day when HMRC notified the appellant of HMRC's view of the matter in question,

(b) in a case where HMRC offered the review, the day when HMRC received notification of the appellant's acceptance of the offer.

(8) Where HMRC are required to undertake a review but do not give notice of the conclusions within the time period specified in subsection (6), the review is to be treated as having concluded that HMRC's view of the matter in question (see sections 223B(2) and 223C(2)) is upheld.

(9) If subsection (8) applies, HMRC must notify the appellant of the conclusion which the review is treated as having reached.

Relevant property.

223F

(1) This section applies if HMRC give notice of the conclusions of a review (see section 223E(6) and (9)).

(2) The conclusions of the review shall be conclusive for the purposes of this Act.

(3) Subsections (2) and (3) do not apply to the matter in question if, or to the extent that, the appellant notifies the appeal to the tribunal under section 223G.

223G

(1) This section applies if—

(a) HMRC have given notice of the conclusions of a review in accordance with section 223E, or

(b) the period specified in section 223E(6) has ended and HMRC have not given notice of the conclusions of the review.

(2) The appellant may notify the appeal to the tribunal within the post-review period.

(3) If the post-review period has ended, the appellant may notify the appeal to the tribunal only if the tribunal gives permission.

(4) If the appellant notifies the appeal to the tribunal, the tribunal is to determine the matter in question.

(5) The appellant may not notify the appeal to the tribunal under this section if the appeal has been notified to the court under section 222(3) or the appropriate Lands tribunal under section 222(4).

(6) In this section “post-review period” means—

(a) in a case falling within subsection (1)(a), the period of 30 days beginning with the date of the document in which HMRC give notice of the conclusions of the review in accordance with section 223E(6), or

(b) in a case falling within subsection (1)(b), the period that—

(i) begins with the day following the last day of the period specified in section 223E(6), and

(ii) ends 30 days after the date of the document in which HMRC give notice of the conclusion of the review in accordance with section 223E(9).

223H

(1) This section applies if—

(a) HMRC have offered to review the matter in question (see section 223C), and

(b) the appellant has not accepted the offer.

(2) The appellant may notify the appeal to the tribunal within the acceptance period.

(3) But if the acceptance period has ended, the appellant may notify the appeal to the tribunal only if the tribunal gives permission.

(4) If the appellant notifies the appeal to the tribunal, the tribunal is to determine the matter in question.

(5) The appellant may not notify the appeal to the tribunal under this section if the appeal has been notified to the court under section 222(3) or the appropriate Lands tribunal under section 222(4).

(6) In this section “acceptance period” has the same meaning as in section 223C.

223I

(1) In sections 223A to 223H—

(a) “matter in question” means the matter to which an appeal relates;

(b) a reference to a notification is a reference to a notification in writing.

(2) In sections 223A to 223H, a reference to the appellant includes a person acting on behalf of the appellant except in relation to—

(a) notification of HMRC's view under section 223B(2);

(b) notification by HMRC of an offer of review (and of their view of the matter) under section 223C;

(d) notification of the conclusions of a review under section 223E(9).

(3) But if a notification falling within any of the paragraphs of subsection (2) is given to the appellant, a copy of the notification may also be given to a person acting on behalf of the appellant.

225A

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

240A

(1) This section applies for the purposes of section 240.

(2) A loss of tax is brought about carelessly by a person if the person fails to take reasonable care to avoid bringing about that loss.

(3) Where—

(a) information is provided to Her Majesty's Revenue and Customs,

(b) the person who provided the information, or the person on whose behalf the information was provided, discovers some time later that the information was inaccurate, and

any loss of tax brought about by the inaccuracy is to be treated as having been brought about carelessly by that person.

(4) References to a loss of tax brought about deliberately by a person include a loss of tax brought about as a result of a deliberate inaccuracy in a document given to Her Majesty's Revenue and Customs by or on behalf of that person.

245A

(1) A person who fails to make a return under section 218 above shall be liable—

(a) to a penalty not exceeding £300; and

(b) to a further penalty not exceeding £60 for every day after the day on which the failure has been declared by a court or the tribunal and before the day on which the return is made.

(1A) A person who fails to comply with the requirements of section 218A above shall be liable—

(a) to a penalty not exceeding £100; and

(b) to a further penalty not exceeding £60 for every day after the day on which the failure has been declared by a court or the tribunal and before the day on which the requirements are complied with.

(1B) Without prejudice to any penalties under subsection (1A) above, if a person continues to fail to comply with the requirements of section 218A after the anniversary of the end of the period of six months referred to in section 218A(1), he shall be liable to a penalty of an amount not exceeding £3,000.

(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4) A person shall not be liable to a penalty under subsection (1)(b) or (1A)(b) above if—

(a) he makes the return required by section 218 above, or

(aa) he complies with the requirements of section 218A above,

(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

before proceedings in which the failure could be declared are commenced.

(5) A person who has a reasonable excuse for failing to make a return or to comply with the requirements of section 218A shall not be liable by reason of that failure to a penalty under this section, unless he fails to make the return or to comply with those requirements without unreasonable delay after the excuse has ceased.

267A

For the purposes of this Act and any other enactments relating to inheritance tax—

(a) property to which a limited liability partnership is entitled, or which it occupies or uses, shall be treated as property to which its members are entitled, or which they occupy or use, as partners,

(b) any business carried on by a limited liability partnership shall be treated as carried on in partnership by its members,

(c) incorporation, change in membership or dissolution of a limited liability partnership shall be treated as formation, alteration or dissolution of a partnership, and

(d) any transfer of value made by or to a limited liability partnership shall be treated as made by or to its members in partnership (and not by or to the limited liability partnership as such).

271A

(1) For the purposes of this Act “qualifying non-UK pension scheme” means a pension scheme (other than a registered pension scheme) which—

(a) is established in a country or territory outside the United Kingdom, and

(b) satisfies any requirements prescribed for the purposes of this section by regulations made by the Commissioners for Her Majesty's Revenue and Customs.

(2) “Pension scheme” has the same meaning as in Part 4 of the Finance Act 2004 (see section 150 of that Act).

(3) Regulations under this section may include provision having effect in relation to times before the regulations are made if it does not increase any person's liability to tax.

(4) The power to make regulations under this section is exercisable by statutory instrument, which is subject to annulment in pursuance of a resolution of the House of Commons.

Death within seven years of potentially exempt transfer

1A

Where a person who has made a potentially exempt transfer before a reduction dies after that reduction (or after that and one or more subsequent reductions) and within the period of seven years beginning with the date of the transfer, tax shall be chargeable by reason of the transfer proving to be a chargeable transfer only if, and to the extent that, it would have been so chargeable if the Table in Schedule 1 as substituted by that reduction (or by the most recent of those reductions) had applied to that transfer.

Death within seven years of chargeable transfer

Relevant dependant with pension fund inherited from member over 75

6A

The British Museum.

Maintenance fund following interest in possession

15A

(1) In relation to settled property to which this paragraph applies, the provisions of this Part of this Schedule shall have effect with the modifications set out in the following sub-paragraphs.

(2) This paragraph applies to property which became property to which paragraph 8 above applies on the occasion of a transfer of value which was made by a person beneficially entitled to an interest in possession in the property, and which (so far as the value transferred by it was attributable to the property)—

(a) was an exempt transfer by virtue of the combined effect of either—

(i) sections 27 and 57(5) of this Act, or

(ii) sections 27 and 57A of this Act, and

(b) would but for those sections have been a chargeable transfer;

and in the following sub-paragraphs “the person entitled to the interest in possession” means the person above referred to.

(3) Paragraph 9(2) shall have effect as if for the reference to the settlor there were substituted a reference to either the settlor or the person entitled to the interest in possession.

(4) Paragraph 10 shall not apply if the person entitled to the interest in possession had died at or before the time when the property became property to which paragraph 8 above applies; and in any other case shall have effect with the substitution in sub-paragraph (1) of the following words for the words from “on becoming” onwards—

(a) on becoming property to which the person entitled to the interest in possession is beneficially entitled, or (b) on becoming— (i) property to which that person’s spouse or civil partner is beneficially entitled, or (ii) property to which that person’s widow or widower or surviving civil partner is beneficially entitled if that person has died in the two years preceding the time when it becomes such property; but paragraph (b) above applies only where the spouse or civil partner, or widow or widower or surviving civil partner, would have become beneficially entitled to the property on the termination of the interest in possession had the property not then become property to which paragraph 8 above applies.

(5) Paragraph 11 shall not apply.

(6) Sub-paragraphs (1) to (3) of paragraph 14 shall have effect as if for the references to the settlor there were substituted references to the person entitled to the interest in possession.

(7) Sub-paragraph (4) of paragraph 14 shall have effect with the insertion after paragraph (b) of the words “and

and with the substitution for the words from “settlor shall” onwards of the words “person entitled to the interest in possession shall, if the Board so determine, be construed as references to the person who was the settlor in relation to the current settlement.”.

(8) Sub-paragraph (5) of paragraph 14 shall have effect with the insertion after paragraph (b) of the words “and

and with the substitution for the words from “settlor shall” onwards of the words “person entitled to the interest in possession shall, if the Board so determine, be construed as references to any person selected by them who was the settlor in relation to any of the previous settlements or the current settlement.”

(9) Except in a case where the Board have made a determination under sub-paragraph (4) or (5) of paragraph 14, sub-paragraphs (6) and (7) of that paragraph shall have effect as if for the references to the settlor there were substituted references to the person entitled to the interest in possession.

(10) Sub-paragraph (9) of paragraph 14 shall have effect with the substitution for the words “(if the settlement was made on death)” of the words “(if the person entitled to the interest in possession had died at or before the time when the property became property to which paragraph 8 above applies)”.

The Finance Act 1977

The National Heritage Act 1980

SCHEDULE

Editorial notes

By Finance Act 1986 s. 100(1), on and after 25 July 1986 the Capital Transfer Tax Act 1984 may be cited as the Inheritance Tax Act 1984.

This Act is based on material edited by the Inland Revenue and the style of editing for effects prior to 1.2.1991 differs from most Acts on the Statute Law Database.

Act amended (1.5.1995 with effect in relation to transfers of value or other events occuring on or after 6.4.1995) by 1995 c. 4, s. 154(2)(3)(5) Act modified (31.7.1998 with effect as mentioned in s. 161 of the amending Act) by 1998 c. 36, s. 161(2)(c)

Act wholly in force at 1.1.1985 see s. 274(1).

See Finance Act 1986 s. 100(1)and (2)—for any liability to tax arising on and after 25July 1986any reference in the legislation to capital transfer tax has effect as a reference to inheritance tax.

Finance Act 1986 Sch. 19 para. 1,in relation to transfers of value made on or after 18March 1986.

Repealed by Finance Act 1987 (No. 2) s. 96(2)(a)and Sch. 9 Part III,with effect from 17March 1987.

Repealed by Finance Act 1987 (No. 2) s. 96(2)(b)and Sch. 9 Part IIIwith effect from 17March 1987.

Finance Act 1987 (No. 2) s. 96(1), (3),in relation to transfers of value made on or after 17March 1987.

1931 c. 49.

1915 c. 89.

Words in s. 6(2) substituted (29.4.1996 with effect as mentioned in s. 154(9) of the amending Act) by 1996 c. 8, s. 154(7), Sch. 28 para. 7 (with s. 154(5))

Finance Act 1986 Sch. 19, para. 2(1)(a),with effect from 18March 1986.

Finance Act 1986 Sch. 19, para. 2(1)(b),with effect from 18March 1986.Originally “ten years”.

Repealed by Finance Act 1986 s. 101(3)and Sch. 19, para. 2(1)(c),with effect from 18March 1986.

Finance Act 1986 Sch. 19, para. 2(2),with effect from 18March 1986.Originally “(2) Except as otherwise provided, the first Table in Schedule 1 to this Act is the appropriate Table for a transfer made on or at any time within three years of the death of the transferor, and the second Table in that Schedule is the appropriate Table for any other transfer.”

Finance Act 1986 Sch. 19, para. 2(3),with effect from 18March 1986.Originally “each of the Tables”.

Finance Act 1986 Sch. 19, para. 2(4),with effect from 18March 1986.

S. 8 restricted (19.3.1997 with effect as mentioned in s. 93(2) of the amending Act) by 1997 c. 16, s. 93(2)

S. 8(1) excluded (16.7.1992) by Finance (No. 2) Act 1992 (c. 48), s. 72(2). S. 8(1) excluded (27.7.1993) by 1993 c. 34, s. 196. S. 8(1) excluded (3.5.1994 with effect as mentioned in s. 246 of the amending Act) by 1994 c. 9, s. 246

S. 8(1) restricted (24.7.2002) by 2002 c. 23, s. 118(2)

Words in s. 8(1)(3)(4) substituted (27.7.1993: the substituting section applying in relation to chargeble transfers made on or after 6.4.1994) by 1993 c. 34, s. 197(1)(2).

Finance Act 1986 Sch. 19, para. 3(1), with effect from 18 March 1986. Originally “new Tables for the Tables”.

Finance Act 1986 Sch. 19, para. 3(2), with effect from 18 March 1986. repealed by 1988, s. 136(3) and Sch.14, Part X with effect from 15 March 1988.

Finance Act 1986 Sch. 19, para. 3(3), with effect from 18 March 1986. Originally “Tables”.

Finance Act 1986 Sch. 19, para. 3(4), with effect from 18 March 1986. Originally “Tables”.

Finance Act 1986 Sch. 19, para. 4with effect from 18March 1986.Originally “new Tables”.

Finance Act 1987 Sch. 8, para. 1,with effect from 17March 1987.Originally “shares or debentures not quoted on a recognised stock exchange”.

Substituted by Income and Corporation Taxes Act 1988 (c. 1. SIF 63:1), Sch. 29 para. 32. Originally “the Finance Act 1978”.

1988 c. 1.

S. 13(4)(c) and word inserted (28.7.2000) by 2000 c. 17, s. 138(2)

Companies Act 1989 s. 144(4) and Sch. 18 para. 30(2), with effect from the appointed day—on and after 1 November 1990 (S.I. 1990/1392). Originally “the same meaning as in”.

Companies Consolidation (Consequential Provisions) Act 1985 (c. 9, SIF 27), Sch. 2, with effect from 1 July 1985. Originally “Companies Act 1948”.

Finance Act 1986 Sch. 19, para. 5,in relation to transfers of value made on or after 18March 1986.

1925 c. 19.

1958 c. 23 (N.I.).

S. 23 modified (24.7.2002 with effect as mentioned in s. 58(4) of the amending Act) by 2002 c. 23, s. 58, Sch. 18 Pt. 3, para. 9(2)

Words in s. 23(5) substituted (31.7.1998 with effect in relation to any transfer of value made on or after 17.3.1998) by 1998 c. 36, s. 143(2)(a)

Finance Act 1989 s. 171(2),in relation to transfers of value made on or after 14March 1989.

S. 24 applied (6.3.1992 with effect as mentioned in s. 289(1)(2) of the applying Act) by Taxation of Chargeable Gains Act 1992 (c. 12), ss. 264(8), 289(with ss. 60, 101(1), 201(3)).

Repealed by Finance Act 1988 s. 137and Sch.14, Part Xin relation to transfers of value made on or after 15March 1988.

Finance Act 1989 s. 171(1),with effect from 14March 1989.

Words in s. 24A(1) substituted (1.10.1996) by S.I. 1996/2325, art. 5(1), Sch. 2 para. 12(2)

S. 24A(2) substituted (1.10.1996) by S.I. 1996/2325, art. 5(1), Sch. 2 para. 12(3)

S. 26 repealed (31.7.1998 with effect as mentioned in s. 143(1) of the amending Act) by 1998 c. 36, ss. 143(1), 165(1), Sch. 27 Pt. IV, note 1

Finance Act 1986 Sch. 19, para. 6,in relation to transfers of value made on or after 18March 1986.

Words in s. 27(1) inserted (31.7.1998 with effect in relation to transfers of value made on or after 17.3.1998) by 1998 c. 36, s. 144(1)(2)

S. 27(1A) inserted (31.7.1998 with effect in relation to transfers of value made on or after 17.3.1998) by 1998 c. 36, s. 144(1)(2)

Words in s. 29(5) substituted (31.7.1998 with effect in relation to any transfer of value made on or after 17.3.1998) by 1998 c. 36, s. 143(2)(b)

Finance Act 1989 s. 171(3),in relation to transfers of value made on or after 14March 1989.

“(1)(b)” repealed by Finance Act 1988 s. 148and Sch. 14, Part X,with effect from 15March 1988.

Finance Act 1989 s. 172(1),in relation to deaths occurring on or after 27July 1989.

S. 29A(6): words in the definition of “the exempt beneficiary” substituted (31.7.1998 with effect in relation to any transfer of value made on or after 17.3.1998) by 1998 c. 36, s. 143(2)(a)

By Finance Act 1985 s. 95,the functions of the Treasury were transferred to the Commissioners of Inland Revenue (“the Board”).

Finance Act 1985 Sch. 26, para. 1,in relation to events occurring after 18March 1985.

1976 c. 40.

Finance Act 1986 Sch. 19, para. 7,in relation to transfers of value made on or after 18March 1986.

S. 30(3BA) inserted (31.7.1998 with effect in relation to any transfer of value or death on or after 17.3.1998) by 1998 c. 36, s. 142, Sch. 25 para. 2(1)(2)

By Finance Act 1985 s. 95,the functions of the Treasury were transferred to the Commissioners of Inland Revenue (“the Board”).

S. 31(1)(a)(aa) substituted for s. 31(1)(a) (31.7.1998 with effect in relation to the making of any designation on a claim made on or after 31.7.1998) by 1998 c. 36, s. 142, Sch. 25 para. 4(1)(4)

Finance Act 1985 Sch. 26, para. 2(2),in relation to events occurring after 18March 1985.Originally “any land which adjoins such a building as is mentioned in paragraph (c) above and which in the opinion of the Treasury is essential for the protection of the character and amenities of the building.”

Finance Act 1986 Sch. 19, para. 8(1),in relation to transfers of value made on or after 18March 1986.

Words in s. 31(2)(3) substituted (31.7.1998 with effect in relation to the making of any designation on a claim made on or after 31.7.1998) by 1998 c. 36, s. 142, Sch. 25 para. 4(2)(4)

Finance Act 1985 Sch. 26, para. 2(3),in relation to events occurring after 18March 1985.Originally “reasonable steps”.

Finance Act 1985 Sch. 26, para. 2(4),in relation to events occurring after 18March 1985.

S. 31(4FA) inserted (31.7.1998 with effect in relation to the giving of any undertaking on or after 31.7.1998) by 1998 c. 36, s. 142, Sch. 25 para. 5(1)(2)

S. 31(4FB) inserted (31.7.1998 with effect in relation to the giving of any undertaking on or after 31.7.1998) by 1998 c. 36, s. 142, Sch. 25 para. 6(1)(2)

Finance Act 1986 Sch. 19, para. 8(2),in relation to transfers of value made on or after 18March 1986.

Words in s. 31(4G)(b) substituted (6.3.1992 with effect as mentioned in s. 289(1)(2) of the substituting Act) by Taxation of Chargeable Gains Act 1992 (c. 12), ss. 289, 290, Sch. 10 para. 8(2) (with ss. 60, 101(1), 201(3)).

S. 31(5) substituted (31.7.1998 with effect in relation to the making of any designation on a claim made on or after 31.7.1998) by 1998 c. 36, s. 142, Sch. 25 para. 4(3)(4)

By Finance Act 1985 s. 95,the functions of the Treasury were transferred to the Commissioners of Inland Revenue (“the Board”).

Finance Act 1986 Sch. 19, para. 9,in relation to transfers on or after 18March 1986.

Words in s. 32(2) substituted (31.7.1998 with effect in relation to the giving of any undertaking on or after 31.7.1998) by 1998 c. 36, s. 142, Sch. 25 para. 7(1)(9)

S. 32(5)(b) substituted (31.7.1998 with effect in relation to the giving of any undertaking on or after 31.7.1998) by 1998 c. 36, s. 142, Sch. 25 para. 7(2)(9)

S. 32(5AA) inserted (31.7.1998 with effect in relation to the giving of any undertaking on or after 31.7.1998) by 1998 c. 36, s. 142, Sch. 25 para. 7(3)(9)

Finance Act 1985 Sch. 26, para. 3(2),in relation to events occurring after 18March 1985.

Subss. (6)and (7)repealed by Finance Act 1985 s. 94; Sch. 26, para. 3(3)and Sch. 27, Part XI,in relation to events occurring after 18March 1985.

Finance Act 1985 Sch. 26 para. 4,in relation to events occurring after 18March 1985.

By Finance Act 1985 s. 95,the functions of the Treasury were transferred to the Commissioners of Inland Revenue (“the Board”).

Finance Act 1986 Sch. 19, para. 10,in relation to transfers on or after 18March 1986.

S. 32A(6)(a)(b) and the words “unless”and “and”substituted for the words “unless”to “case; and”(31.7.1998 with effect in relation to the giving of any undertaking on or after 31.7.1998) by 1998 c. 36, s. 142, Sch. 25 para. 7(4)(9)

S. 32A(8)(b) substituted (31.7.1998 with effect in relation to the giving of any undertaking on or after 31.7.1998) by 1998 c. 36, s. 142, Sch. 25 para. 7(5)(9)

S. 32A(8A) inserted (31.7.1998 with effect in relation to the giving of any undertaking on or after 31.7.1998) by 1998 c. 36, s. 142, Sch. 25 para. 7(6)(9)

S. 32A(9) substituted (31.7.1998 with effect in relation to the giving of any undertaking on or after 31.7.1998) by 1998 c. 36, s. 142, Sch. 25 para. 7(7)(9)

Finance Act 1985 Sch. 26 para. 5,in relation to events occurring after 18March 1985.

Finance Act 1986 Sch. 19 para. 11(1)(a),with effect from 18March 1986.Originally “under the second Table in Schedule 1 to this Act”.

Finance Act 1986 Sch. 19 para. 11(1)(b),with effect from 18March 1986.Originally “under the appropriate Table”.

Finance Act 1986 Sch. 19 para. 11(2),with effect from 18March 1986.Originally “(2) For the purposes of subsection (1)(b)(ii) above the appropriate Table is, if the conditionally exempt transfer by the relevant person was made on death, the first Table in Schedule 1 to this Act and, if not, the second Table”.

Finance Act 1985 Sch. 26 para. 6,in relation to events occurring after 18March 1985.

Finance Act 1986 Sch. 19 para. 11(3),with effect from 18March 1986.

Finance Act 1986 Sch. 19 para. 11(4),in relation to chargeable events in respect of potentially exempt transfers made on or after 18March 1986.

Finance Act 1985 Sch. 26 para. 5, in relation to events occurring after 18 March 1985.

Finance Act 1985 Sch. 26 para. 6, in relation to events occurring after 18 March 1985.

1975 c. 7.

Finance Act 1986 Sch. 19 para. 12,with effect from 18March 1986.Originally “section 33(7) above, the reference”.

Finance Act 1986 Sch. 19 para. 12,with effect from 18March 1986.Originally “includes a reference”.

100

S. 35A and sidenote inserted (31.7.1998 with effect as mentioned in Sch. 25 para. 8(4) of the amending Act) by 1998 c. 36, s. 142, Sch. 25 para. 8(1)

101

S. 35A extended (31.7.1998) by 1992 c. 12, s. 258(8A) (as inserted (31.7.1998 with effect as mentioned in Sch. 25 para. 9(2) of the amending Act) by 1998 c. 36, s. 142, Sch. 25 para. 9(1)) S. 35A applied (with modifications) (31.7.1998) by 1998 c. 36, s. 142, Sch. 25 para. 10

102

Finance Act 1986 Sch. 19 para. 13,with effect from 18March 1986.

103

Finance Act 1986 s. 105,in relation to transfers of value made after 17March 1986.

104

1849 c. 105.

105

S. 47A inserted (24.7.2002 with effect as mentioned in s.119(6)(7) of the amending Act) by 2002 c. 23, s. 119(2)(6)(7)

106

Words in s. 48(4)(a)(b) substituted (29.4.1996 with effect as mentioned in s. 154(9)(a)(b) of the amending Act) by 1996 c. 8, s. 154(7), Sch. 28 para. 8 (with s. 154(5))

107

Words in the title of Chapter II substituted (24.7.2002 with effect in relation to transfers of value on or after 17.4.2002) by virtue of 2002 c. 23, s. 119(5)(6)

108

Finance Act 1986 Sch. 19 para. 14,with effect from 18March 1986and repealed by Finance Act (No.2) 1987 s. 96(4)and Sch. 9 Part III,in relation to transfers of value made on or after 17March 1987.

109

See S.I. 1980/1000 (in Part III Statutory Regulations etc.)for the current rates applicable.

110

Finance Act 1987 (No. 2) Sch. 7 para. 1,with effect from 17March 1987.

111

Finance Act 1987 (No. 2) Sch. 7 para. 1,with effect from 17March 1987.

112

S. 55A inserted (24.7.2002 with effect as mentioned in s. 119(6) of the amending Act) by 2002 c. 23, s. 119(3)(6)

113

Finance Act 1986 Sch. 19 para. 15,with effect from 18March 1986and repealed by Finance (No.2) Act 1987 s. 96(5)and Sch. 9 Part III,with effect from 17March 1987.

114

Words in s. 56(4)(7) substituted (31.7.1998 with effect in relation to any property becoming the property of any person on or after 17.3.1998) by 1998 c. 36, s. 143(3)

115

Finance Act 1987 (No. 2) Sch. 7, para. 2,with effect from 17March 1987.

116

Finance Act 1987 Sch. 9, para. 1,in relation to deaths occurring on or after 17March 1987.

117

See Finance Act 1990 s. 126—exemption for pools payments to trustees for football ground improvements in respect of events on or after 6April 1990.

118

Part III Chapter III (ss.58-85) excluded by Finance Act 1991 (c.31, SIF 63:1), s. 121(4). Pt. III Ch. III (ss. 58-85) restricted (3.5.1994) by 1994 c. 9, s. 248

119

Words in s. 59(3) substituted (1.5.1995 with effect as mentioned in s. 52(5) of the amending Act) by 1995 c. 4, s. 52(4)

120

S. 59(4) added (1.12.2001 with effect as mentioned in art. 5(4) of the amending S.I.) by S.I. 2001/3629, art. 5(1)(3)(4)

121

1982 c. 39.

122

S. 65 restricted (31.7.1998 with effect as mentioned in s. 161(1) of the amending Act) by 1998 c. 36, s. 161(3)

123

Finance Act 1986 Sch. 19 para. 16(1), with effect from 18 March 1986 originally “preceding ten years”.

124

Finance Act 1986 Sch. 19 para. 16(2), with effect from 18 March 1986. Originally “(c) for which the appropriate Table of rates is the second Table in Schedule 1 to this Act.”

125

Finance Act 1986 Sch. 19 para. 16(3), with effect from 18 March 1986. Originally “ten”.

126

1975 c.7.

127

1982 c.39.

128

Finance Act 1986 Sch. 19 para. 17,with effect from 18March 1986.Originally “ten”.

129

Finance Act 1986 Sch. 19 para. 17,with effect from 18March 1986.Originally “ten”.

130

Finance Act 1986 Sch. 19 para. 18(1),with effect from 18March 1986.Originally “ten”.

131

Finance Act 1986 Sch. 19 para. 18(1),with effect from 18March 1986.Originally “ten”.

132

Finance Act 1986 Sch. 19 para. 18(2),with effect from 18March 1986.Originally “(c) for which the appropriate Table of rates is the second Table in Schedule 1 to this Act.”.

133

Finance Act 1986 Sch. 19 para. 18(3)(a),with effect from 18March 1986.Originally “ten”.

134

Finance Act 1986 Sch. 19 para. 18(3)(b),with effect from 18March 1986.Originally “that period of ten years”.

135

1975 c. 7.

136

1982 c. 39.

137

Finance Act 1986 Sch. 19 para. 18(2),with effect from 18March 1986.Originally “for which the appropriate Table of rates is the second Table in Schedule 1 to this Act.”

138

1982 c.39.

139

Word in s. 72(2) inserted (28.7.2000) by 2000 c. 17, s. 138(3)(a)

140

Substituted by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), Sch. 29, para. 32. Originally “Finance Act 1978”.

141

S. 72(4A) inserted (28.7.2000) by 2000 c. 17, s. 138(3)(b)

142

1925 c.19.

143

1983 c.20.

144

Words in s. 74(4)(b)(c) substituted (1.7.1992) by Social Security (Consequential Provisions) Act 1992 (c. 6), ss. 4, 7(2), Sch. 2 para. 66

145

Words in s. 74(4)(b)(c) substituted (1.7.1992) by virtue of Social Security (Consequential Provisions) (Northern Ireland) Act 1992 (c. 9), ss. 4, 7(2), Sch. 2 para. 29

146

S. 74(4)(c) and word inserted (3.2.1992 for certain purposes and 6.4.1992 otherwise) by Disability Living Allowance and Disability Working Allowance Act 1991 (c. 21, SIF 113:1), s. 4(2), Sch. 2 para. 14(1); S.I. 1991/2617, art. 2(c)(f).

147

Words in s. 74(4)(c) inserted (6.4.1992) by S.I. 1991/2874, art. 4(2); S.R. 1992/94, art. 2.

148

Word in s. 76(1)(b) inserted (31.7.1998 with effect as mentioned in s. 143(5) of the amending Act) by 1998 c. 36, s. 143(4)(a)

149

S. 76(1)(d) and word “or”immediately preceding repealed (31.7.1998 with effect as mentioned in s. 143(5) of the amending Act) by 1998 c. 36, ss. 143(4)(a), 165, Sch. 27 Pt. IV note 1

150

S. 76(2) repealed (31.7.1998 with effect as mentioned in s. 143(5) of the amending Act) by 1998 c. 36, ss. 143(4)(a), 165, Sch. 27 Pt. IV note 1

151

Words in s. 76(3) substituted (31.7.1998 with effect as mentioned in s. 143(5) of the amending Act) by 1998 c. 36, s. 143(4)(b)

152

Words in s. 76(6)(8) substituted (31.7.1998 with effect as mentioned in s. 143(5) of the amending Act) by 1998 c. 36, s. 143(4)(c)

153

By Finance Act 1985 s. 95,the functions of the Treasury were transferred to the Commissioners of Inland Revenue (“the Board”).

154

Finance Act 1985 Sch. 26 para. 8(a),in relation to events occurring after 18March 1985.

155

S. 78(1A) inserted (31.7.1998 with effect in relation to transfers of property made, and other events occurring, on or after 17.3.1998) by 1998 c. 36, s. 142, Sch. 25 para. 3(1)(2)

156

1976 c. 40.

157

1982 c. 39.

158

Finance Act 1985 Sch. 26 para. 8(b),in relation to events occurring after 18March 1985.

159

Finance Act 1986 Sch. 19 para. 19(1),with effect from 18March 1986.Originally “and the appropriate Table for the purposes of section 33(1)(b)(ii) is, if the settlement was created on his death, the first Table in Schedule 1 to this Act and, if not, the second Table.”

160

Finance Act 1986 Sch. 19 para. 19(2),with effect from 18March 1986.Originally “under the appropriate Table”.

161

Words in s. 79(2) substituted (6.3.1992 with effect as mentioned in s. 289(1)(2) of the substituting Act) by Taxation of Chargeable Gains Act 1992 (c. 12), ss. 289 , 290, Sch. 10 para. 8(3) (with ss. 60, 101(1), 201(3)).

162

By Finance Act 1985 s. 95,the functions of the Treasury were transferred to the Commissioners of Inland Revenue (“the Board”).

163

Finance Act 1985 Sch. 26 para. 9,in relation to events occurring after 18March 1985.

164

1975 c. 7.

165

S. 79A inserted (31.7.1998 with effect as mentioned in Sch. 25 para. 8(4) of the amending Act) by 1998 c. 36, s. 142, Sch. 25 para. 8(2)

166

1975 c. 7.

167

1982 c. 39.

168

1988 c. 1.

169

Substituted by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), Sch. 29, para. 32. Originally “Finance Act 1978”.

170

S. 86(3)(c) and word “or” immediately preceding it inserted (28.7.2000) by 2000 c. 17, s. 138(4)

171

1925 c. 19.

172

Substituted by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), Sch. 29, para. 32.Originally “258 of the Taxes Act or of section 92 of the Finance Act 1972”.

173

1988 c. 1.

174

S. 97 amended (28.7.2000 with effect on or after 1.4.2000) by 2000 c. 17, s. 102, Sch. 29 paras. 1, 14

175

Finance Act 1989 s. 138(6)(a),with effect from 14March 1989.Originally “member”.

176

S. 97(1)(a)(aa) substituted for para. (a) (11.5.2001 with effect as mentioned in s. 106(3) of the amending Act) by 2001 c. 9, s. 106

177

S. 97(1)(a)(iii) and preceding word inserted (24.7.2002 with application as mentioned in s. 42(4) of the amending Act) by 2002 c. 23, s. 42(3)(a)

178

Finance Act 1989 s. 138(6)(b),with effect from 14March 1989.Originally “the principal member of a group is the member of which all the other members are 75 per cent subsidiaries”.

179

Words in s. 97 substituted (6.3.1992 with effect as mentioned in s. 289(1)(2) of the substituting Act) by Taxation of Chargeable Gains Act 1992 (c. 12), ss. 289, 290, Sch. 10 para. 8(4)(b) (with ss. 60, 101(1), 201(3)).

180

Finance Act 1989 s. 138(6)(a),with effect from 14March 1989.Originally “member” and “member's” respectively.

181

Repealed by Finance Act 1989 s. 138(6)(c)and Sch.17 Part VII,with effect from 14March 1989.

182

Finance Act 1987 Sch. 8 para. 2(a),with effect from 17March 1987.Originally “shares or securities quoted on a recognised stock exchange”.

183

Finance Act 1987 Sch. 8 para. 2(b),with effect from 17March 1987.Originally “shares in or debentures of a close company which are not so quoted”.

184

Finance Act 1987 Sch. 8 para. 2(c),with effect from 17March 1987.Originally “shares or debentures not so quoted”.

185

Finance Act 1986 Sch. 19 para. 20,with effect from 18March 1986.

186

Finance Act 1987 Sch. 8 para. 3,with effect from 17March 1987.Originally “shares in or securities of the close company which are not quoted on a recognised stock exchange”.

187

Pt. 5 Ch. 1 modified (16.7.1992) by Finance (No.2) Act 1992 (c. 48), s. 73, Sch. 14, para. 9(4).

188

Companies Act 1989 s. 144(4)and Sch. 18 para. 30(3)with effect from the appointed day—on and after 1November 1990 (S.I. 1990 No. 1392).Originally “the same meanings as in”.

189

Companies Consolidation (Consequential Provisions) Act 1985 (c. 9, SIF 27), Sch. 2,with effect from 1July 1985.

190

Finance Act 1987 Sch. 8, para. 4,with effect from 17March 1987.Originally “or (b)”.

191

Words in s. 104(1)(a) substituted (16.7.1992) by Finance (No. 2) Act 1992 (c. 48), s. 73, Sch. 14 paras. 1(a), 8, 9.

192

Words in s. 104(1)(b) substituted (16.7.1992) by Finance (No. 2) Act 1992 (c. 48), s. 73, Sch. 14 paras. 1(b), 8, 9.

193

Words in s. 105(1) repealed (29.4.1996 with effect as mentioned in s. 184(6)(b) of the amending Act) by 1996 c. 8, s. 205, Sch. 41 Pt. VI note 1

194

Words in s. 105(1)(b) repealed (29.4.1996 with effect as mentioned in s. 184(6)(b) of the amending Act) by 1996 c. 8, ss. 184(2)(a)(i), 205, Sch. 41 Pt. VI, note 1

195

Words in s. 105(1)(b) inserted (16.7.1992) by Finance (No. 2) Act 1992 (c. 48), s. 73, Sch. 14 paras. 2(2), 8, 9.

196

Words in s. 105(1)(b) substituted (29.4.1996 with effect as mentioned in s. 184(6)(b) of the amending Act) by 1996 c. 8, s. 184(2)(a)(ii)

197

S. 105(1)(bb) substituted (29.4.1996 with effect as mentioned in s. 184(6)(b) of the amending Act) by 1996 c. 8, s. 184(2)(b)

198

S. 105(1)(cc) inserted (16.7.1992) by Finance (No. 2) Act 1992 (c. 48), s. 73, Sch. 14 paras. 2(3), 8, 9.

199

S. 105(1A)(1B) repealed (29.4.1996 with effect as mentioned in s. 184(6)(b) of the amending Act) by 1996 c. 8, s. 205, Sch. 41 Pt. VI note 1

200

S. 105(1ZA) inserted (16.7.1992) by Finance (No. 2) Act 1992 (c. 48), s. 73, Sch. 14 paras. 2(4), 8, 9.

201

Words in s. 105(1ZA) substituted (29.4.1996 with effect as mentioned in Sch. 38 para. 2(2) of the amending Act) by 1996 c. 8, s. 199, Sch. 38 para. 2(1)(a)

202

Words in s. 105(2) repealed (29.4.1996 with effect as mentioned in s. 184(6)(b) of the amending Act) by 1996 c. 8, s. 205, Sch. 41 Pt. VI note 1

203

Words in s. 105(2) inserted (16.7.1992) by Finance (No. 2) Act 1992 (c. 48), s. 73, Sch. 14 paras. 2(5), 8, 9.

204

S. 105(2A) repealed (29.4.1996 with effect as mentioned in s. 184(6)(b) of the amending Act) by 1996 c. 8, s. 205, Sch. 41 Pt. VI, note 1

205

Finance Act 1986 s. 106(1), 25in relation to events on or after 27October 1986“the day of the Stock Exchange reforms”—(as defined in s.106(8)).Originally “(a) does not apply to any property if the business concerned is that of a jobber (as defined in section 477 of the Taxes Act) or discount house and is carried on in the United Kingdom, and”.

206

Finance Act 1986 s. 106(2),in relation to events on or after 27October 1986—“the day of The Stock Exchange reforms”—(as defined in s.106(8)).

207

S. 105(7) amended (6.1.1993) by S.I. 1992/3181, reg. 4 as amended (1.12.2001) by S.I. 2001/3629, art. 135

208

Words in s. 107(4) and “(4)” substituted (29.4.1996 with effect as mentioned in s. 184(6)(b) of the amending Act) by 1996 c. 8, s. 184(3)

209

Words in s. 107(4) substituted (6.3.1992 with effect as mentioned in s. 289(1)(2) of the substituting Act) by Taxation of Chargeable Gains Act 1992 (c. 12), ss. 289, 290, Sch. 10 para. 8(5) (with ss. 60, 101(1), 201(3)).

210

Words in s. 107(4) repealed (29.4.1996 with effect as mentioned in s. 184(6)(b) of the amending Act) by 1996 c. 8, s. 205, Sch. 41 Pt. VI note 1

211

S. 109A repealed (29.4.1996 with effect as mentioned in s. 184(6)(b) of the amending Act) by 1996 c. 8, s. 205, Sch. 41 Pt. VI note 1

212

Finance Act 1986 Sch. 19, para. 21,with respect to transfers of value made, and other events occurring, on or after 18March 1986.

213

S. 113A amended (16.7.1992) by Finance (No. 2) Act 1992 (c. 48), s. 73, Sch. 14 para. 9(2)(4) (with Sch. 14 para. 8).

214

Finance Act 1987 Sch. 8, para. 8,in relation to transfers of value made on or after 17March 1987.

215

Words in s. 113A(3A)(b) inserted (29.4.1996 with effect as mentioned in s. 184(6)(b) of the amending Act) by 1996 c. 8, s. 184(4)

216

S. 113A(3A)(b) inserted (16.7.1992) by Finance (No. 2) Act 1992 (c. 48), s. 73, Sch. 14 paras. 3, 8, 9.

217

Words in s. 113A(3B) substituted (29.4.1996 with effect as mentioned in Sch. 38 para. 2(2) of the amending Act) by 1996 c. 8, s. 199, Sch. 38 para. 2(1)(a)

218

Words in s. 113A(6) substituted (6.3.1992 with effect as mentioned in s. 289(1)(2) of the substituting Act) by Taxation of Chargeable Gains Act 1992 (c. 12), ss. 289, 290, Sch. 10 para. 8(5) (with ss. 60, 101(1), 201(3)).

219

S. 113A(7A) inserted (29.4.1996 with effect as mentioned in s. 184(6)(a) of the amending Act) by 1996 c. 8, s. 184(5)

220

Finance Act 1986 Sch. 19, para. 21,with respect to transfers of value made, and other events occurring, on or after 18March 1986.

221

S. 113B amended (16.7.1992) by Finance (No. 2) Act 1992 (c. 48), s. 73, Sch. 14 para. 9(2)(4) (with Sch. 14 para. 8).

222

Words in s. 113B(2)(a)(5)(b) substituted (3.5.1994 with effect in relation to transfers of value made, and other events occurring, on or after 30.11.1993) by 1994 c. 9, s. 247(1)(a)(3)

223

Words in s. 113B(8) added (3.5.1994 with effect in relation to transfers of value made, and other events occurring, on or after 30.11.1993) by 1994 c. 9, s. 247(1)(b)(3)

224

See Part IIof this volume—Finance Act 1975 Sch. 8—for the transitional relief provisions under Finance Act 1981 s. 96and Sch. 14.

225

Words in s. 116(2)(4) substituted (16.7.1992) by Finance (No. 2) Act 1992 (c. 48), s. 73, Sch. 14 paras. 4(a), 8, 9.

226

Word in s. 116(2) repealed (1.5.1995 with effect in relation to transfers of value made, and other events occurring, on or after 1.9.1995) by 1995 c. 4, ss. 155(1)(3), 162, Sch. 29 Pt. XI

227

S. 116(2)(c) and word inserted (1.5.1995 with effect in relation to transfers of value made, and other events occurring, on or after 1.9.1995) by 1995 c. 4, s. 155(1)(3)

228

Words in s. 116(2)(4) substituted (16.7.1992) by Finance (No. 2) Act 1992 (c. 48), s. 73, Sch. 14 paras. 4(b), 8, 9.

229

S. 116(2A) repealed (29.4.1996 with effect as mentioned in s. 185(6) of the amending Act) by 1996 c. 8, ss. 185(3), 205, Sch. 41 Pt. VI note 2

230

1975 c.7.

231

1981 c.35.

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