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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

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Reform history JSON API

(b) a disposition is made, or another event occurs, during the period beginning with the time when the election is treated by virtue of subsection (3) as having taken effect and ending at the time when the election is made, and

(c) the effect of the election being treated as having taken effect at that time is that the disposition or event gives rise to a transfer of value.

(8) This Act applies with the following modifications in relation to the transfer of value—

(a) subsections (1) and (6)(c) of section 216 have effect as if the period specified in subsection (6)(c) of that section were the period of 12 months from the end of the month in which the election is made, and

(b) sections 226 and 233 have effect as if the transfer were made at the time when the election is made.

(9) A lifetime or death election cannot be revoked.

(10) If a person who made an election under section 267ZA(1) is not resident in the United Kingdom for the purposes of income tax for a period of four successive tax years beginning at any time after the election is made, the election ceases to have effect at the end of that period.

75A

(1) Tax is not charged under section 65 in respect of shares in or securities of a company (“C”) which cease to be relevant property on becoming held on trusts of the description specified in section 86(1) if the conditions in subsection (2) are satisfied.

(2) The conditions referred to in subsection (1) are—

(a) that C meets the trading requirement,

(b) that the trusts are of a settlement which meets the all-employee benefit requirement, and

(c) that the settlement does not meet the controlling interest requirement immediately before the beginning of the tax year in which the shares or securities cease to be relevant property but does meet it at the end of that year.

(3) Sections 236I, 236J, 236K, 236M and 236T (but not 236L) of the 1992 Act apply to determine whether—

(a) C meets the trading requirement;

(b) the settlement meets the all-employee benefit requirement;

with references in those sections to “C” being read accordingly.

(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

13A

(1) A disposition of property made to trustees by a close company (“C”) whereby the property is to be held on trusts of the description specified in section 86(1) is not a transfer of value if—

(a) C meets the trading requirement,

(b) the trusts are of a settlement which meets the all-employee benefit requirement, and

(c) the settlement does not meet the controlling interest requirement immediately before the beginning of the tax year in which the disposition of property occurs but does meet it at the end of that year.

(2) Sections 236I, 236J, 236K, 236M and 236T (but not 236L) of the 1992 Act apply to determine whether—

(a) C meets the trading requirement;

(b) the settlement meets the all-employee benefit requirement;

with references in those sections to “C” being read accordingly.

(3) In this section—

“close company” has the same meaning as in Part 4 of this Act;

28A

(1) A transfer of value made by an individual who is beneficially entitled to shares in a company (“C”) is an exempt transfer to the extent that the value transferred is attributable to shares in or securities of C which become comprised in a settlement if—

(a) C meets the trading requirement,

(b) the settlement meets the all-employee benefit requirement, and

(c) the settlement does not meet the controlling interest requirement immediately before the beginning of the tax year in which the transfer of value is made but does meet it at the end of that year.

(2) Sections 236I, 236J, 236K, 236M and 236T (but not 236L) of the 1992 Act apply to determine whether—

(a) C meets the trading requirement;

(b) the settlement meets the all-employee benefit requirement;

with references in those sections to “C” being read accordingly.

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

162AA

(1) This section applies if—

(a) in determining the value of a person's estate immediately before death, a balance on any qualifying foreign currency account (“the relevant balance”) is to be left out of account under section 157 (non-residents' bank accounts), and

(b) the person has a liability which is attributable, in whole or in part, to financing (directly or indirectly) the relevant balance.

(2) To the extent that the liability is attributable as mentioned in subsection (1)(b), it may only be taken into account in determining the value of the person's estate immediately before death so far as permitted by subsection (3).

(3) If the amount of the liability that is attributable as mentioned in subsection (1)(b) exceeds the value of the relevant balance, the excess may be taken into account, but only so far as the excess does not arise for either of the reasons mentioned in subsection (4).

(4) The reasons are—

(a) arrangements the main purpose, or one of the main purposes, of which is to secure a tax advantage, or

(b) an increase in the amount of the liability (whether due to the accrual of interest or otherwise).

(5) In subsection (4)(a)—

“arrangements” includes any scheme, transaction or series of transactions, agreement or understanding, whether or not legally enforceable, and any associated operations;

“tax advantage” means—the avoidance or reduction of a charge to tax, orthe avoidance of a possible determination in respect of tax.

Emergency services

153A

(1) The reliefs in subsection (2) apply where a person—

(a) dies from an injury sustained, accident occurring or disease contracted at a time when that person was responding to emergency circumstances in that person's capacity as an emergency responder, or

(b) dies from a disease contracted at some previous time, the death being due to, or hastened by, the aggravation of the disease during a period when that person was responding to emergency circumstances in that person's capacity as an emergency responder.

(2) The reliefs are—

(a) that no potentially exempt transfer made by the person becomes a chargeable transfer under section 3A(4) because of the death,

(b) that section 4 (transfers on death) does not apply in relation to the death, and

(c) that no additional tax becomes due under section 7(4) because of a transfer made by the person within 7 years of the death.

(3) “Emergency circumstances” means circumstances which are present or imminent and are causing or likely to cause—

(a) the death of a person,

(b) serious injury to, or the serious illness of, a person,

(d) serious injury to, or the serious illness of, an animal,

(e) serious harm to the environment (including the life and health of plants and animals),

(f) serious harm to any building or other property, or

(g) a worsening of any such injury, illness or harm.

(4) A person is “responding to emergency circumstances” if the person—

(a) is going anywhere for the purpose of dealing with emergency circumstances occurring there, or

(b) is dealing with emergency circumstances, preparing to do so imminently or dealing with the immediate aftermath of emergency circumstances.

(5) For the purposes of this section, circumstances to which a person is responding are to be taken to be emergency circumstances if the person believes and has reasonable grounds for believing they are or may be emergency circumstances.

(6) “Emergency responder” means—

(a) a person employed, or engaged, in connection with the provision of fire services or fire and rescue services,

(b) a person employed for the purposes of providing, or engaged to provide, search services or rescue services (or both),

(d) a constable or a person employed for police purposes or engaged to provide services for police purposes,

(e) a person employed for the purposes of providing, or engaged to provide, services for the transportation of organs, blood, medical equipment or medical personnel, or

(f) a person employed, or engaged, by the government of a state or territory, an international organisation or a charity in connection with the provision of humanitarian assistance.

(7) For the purposes of subsection (6)—

(a) it is immaterial whether the employment or engagement is paid or unpaid, and

(b) “international organisation” means an organisation of which—

(i) two or more sovereign powers are members, or

(ii) the governments of two or more sovereign powers are members.

(8) The Treasury may, by regulations made by statutory instrument, extend the definition of “emergency responder” in subsection (6).

(9) Regulations under this section are subject to annulment in pursuance of a resolution of the House of Commons.

Constables and service personnel

155A

(1) The reliefs in subsection (3) apply where a person—

(a) dies from an injury sustained or disease contracted in circumstances where the person was deliberately targeted by reason of his or her status as a constable or former constable, or

(b) dies from a disease contracted at some previous time, the death being due to, or hastened by, the aggravation of the disease by an injury sustained or disease contracted in circumstances mentioned in paragraph (a).

(2) The reliefs in subsection (3) apply where it is certified by the Defence Council or the Secretary of State that a person—

(a) died from an injury sustained or disease contracted in circumstances where the person was deliberately targeted by reason of his or her status as a service person or former service person, or

(b) died from a disease contracted at some previous time, the death being due to, or hastened by, the aggravation of the disease by an injury sustained or disease contracted in circumstances mentioned in paragraph (a).

(3) The reliefs are—

(a) that no potentially exempt transfer made by the person becomes a chargeable transfer under section 3A(4) because of the death,

(b) that section 4 (transfers on death) does not apply in relation to the death, and

(c) that no additional tax becomes due under section 7(4) because of a transfer made by the person within 7 years of the death.

(4) For the purposes of this section, it is immaterial whether a person who was a constable or service person at the time the injury was sustained or the disease was contracted was acting in the course of his or her duties as such at that time (and for this purpose ignore the references in subsections (1)(b) and (2)(b) to a disease contracted at some previous time).

(5) “Service person” means a person who is a member of the armed forces of the Crown or a civilian subject to service discipline (within the meaning of the Armed Forces Act 2006).

(6) This section does not apply where section 153A or 154 applies in relation to a person's death.

Meaning of “brought-forward allowance”

8D

(1) Subsections (2) and (3) apply for the purpose of calculating the amount of the charge to tax under section 4 on a person's death if the person dies on or after 6 April 2017.

(2) If the person's residence nil-rate amount is greater than nil, the portion of VT that does not exceed the person's residence nil-rate amount is charged at the rate of 0%.

(3) References in section 7(1) to the value transferred by the chargeable transfer under section 4 on the person's death are to be read as references to the remainder (if any) of VT.

(4) The person's residence nil-rate amount is calculated in accordance with sections 8E to 8G (and see also section 8M).

(5) For the purposes of those sections and this section—

(a) the “residential enhancement” is—

(i) £100,000 for the tax year 2017-18,

(ii) £125,000 for the tax year 2018-19,

(iii) £150,000 for the tax year 2019-20, and

(iv) £175,000 for the tax year 2020-21 and subsequent tax years,

but this is subject to subsections (6) and (7),

(b) the “taper threshold” is £2,000,000 for the tax year 2017-18 and subsequent tax years, but this is subject to subsections (6) and (7),

(d) E is the value of the person's estate immediately before the person's death,

(e) VT is the value transferred by the chargeable transfer under section 4 on the person's death,

(f) the person's “default allowance” is the total of—

(i) the residential enhancement at the person's death, and

(ii) the person's brought-forward allowance (see section 8G), and

(g) the person's “adjusted allowance” is—

(i) the person's default allowance, less

(ii) the amount given by—

$E − T T 2$

but is nil if that amount is greater than the person's default allowance.

(6) Subsection (7) applies if—

(a) the consumer prices index for the month of September in any tax year (“the prior tax year”) is higher than it was for the previous September, and

(b) the prior tax year is the tax year 2020-21 or a later tax year.

(7) Unless Parliament otherwise determines, the amount of each of—

(a) the residential enhancement for the tax year following the prior tax year, and

(b) the taper threshold for that following tax year,

is its amount for the prior tax year increased by the same percentage as the percentage increase in the index and, if the result is not a multiple of £1,000, rounded up to the nearest amount which is such a multiple.

(8) The Treasury must before 6 April 2021 and each subsequent 6 April make an order specifying the amounts that in accordance with subsections (6) and (7) are the residential enhancement and taper threshold for the tax year beginning on that date; and any such order is to be made by statutory instrument.

(9) In this section—

“consumer prices index” means the all items consumer prices index published by the Statistics Board,

8E

(1) Subsections (2) to (7) apply if—

(a) the person's estate immediately before the person's death includes a qualifying residential interest, and

(b) N% of the interest is closely inherited, where N is a number—

(i) greater than 0, and

(ii) less than or equal to 100,

and in those subsections “NV/100” means N% of so much (if any) of the value transferred by the transfer of value under section 4 on the person’s death as is attributable to the interest.

(2) Where—

(a) E is less than or equal to TT, and

(b) NV/100 is less than the person's default allowance,

the person's residence nil-rate amount is equal to NV/100 and an amount, equal to the difference between NV/100 and the person's default allowance, is available for carry-forward.

(3) Where—

(a) E is less than or equal to TT, and

(b) NV/100 is greater than or equal to the person's default allowance,

the person's residence nil-rate amount is equal to the person's default allowance (and no amount is available for carry-forward).

(4) Where—

(a) E is greater than TT, and

(b) NV/100 is less than the person's adjusted allowance,

the person's residence nil-rate amount is equal to NV/100 and an amount, equal to the difference between NV/100 and the person's adjusted allowance, is available for carry-forward.

(5) Where—

(a) E is greater than TT, and

(b) NV/100 is greater than or equal to the person's adjusted allowance,

the person's residence nil-rate amount is equal to the person's adjusted allowance (and no amount is available for carry-forward).

(6) Subsections (2) to (5) have effect subject to subsection (7) and sections 8FC and 8M(2B) to (2E).

(7) Where the person's residence nil-rate amount as calculated under subsections (2) to (5) without applying this subsection is greater than VT—

(a) the person's residence nil-rate amount is equal to VT,

(b) where E is less than or equal to TT, an amount, equal to the difference between VT and the person's default allowance, is available for carry-forward, and

(c) where E is greater than TT, an amount, equal to the difference between VT and the person's adjusted allowance, is available for carry-forward.

(8) See also—

section 8FC (modifications of this section where there is entitlement to a downsizing addition),

section 8H (meaning of “qualifying residential interest” , “qualifying former residential interest” and “residential property interest”),

section 8J (meaning of “inherit”),

section 8K (meaning of “closely inherited”), and

section 8M (cases involving conditional exemption).

8F

(1) Subsections (2) and (3) apply if the person's estate immediately before the person's death—

(a) does not include a qualifying residential interest, or

(b) includes a qualifying residential interest but none of the interest is closely inherited.

(2) The person's residence nil-rate amount is nil.

(3) An amount—

(a) equal to the person's default allowance, or

(b) if E is greater than TT, equal to the person's adjusted allowance,

is available for carry-forward.

(4) See also—

section 8FD (which applies instead of this section where there is entitlement to a downsizing addition),

section 8H (meaning of “qualifying residential interest” , “qualifying former residential interest” and “residential property interest”),

section 8J (meaning of “inherit”),

section 8K (meaning of “closely inherited”), and

section 8M (cases involving conditional exemption).

8G

(1) This section is about the amount of the brought-forward allowance (see section 8D(5)(f)) for a person (“P”) who dies on or after 6 April 2017.

(2) In this section “related person” means a person other than P where—

(a) the other person dies before P, and

(b) immediately before the other person dies, P is the other person's spouse or civil partner.

(3) P's brought-forward allowance is calculated as follows—

(a) identify each amount available for carry-forward from the death of a related person (see sections 8E , 8F and 8FD, and subsections (4) and (5)),

(b) express each such amount as a percentage of the residential enhancement at the death of the related person concerned,

(d) the amount that is that total percentage of the residential enhancement at P's death is P's brought-forward allowance or, if that total percentage is greater than 100%, P's brought-forward allowance is the amount of the residential enhancement at P's death,

but P's brought-forward allowance is nil if no claim for it is made under section 8L.

(4) Where the death of a related person occurs before 6 April 2017—

(a) an amount equal to £100,000 is treated for the purposes of subsection (3) as being the amount available for carry-forward from the related person's death, but this is subject to subsection (5), and

(b) the residential enhancement at the related person's death is treated for those purposes as being £100,000.

(5) If the value (“RPE”) of the related person's estate immediately before the related person's death is greater than £2,000,000, the amount treated under subsection (4)(a) as available for carry-forward is reduced (but not below nil) by—

$R P E − £2,000,000 2$

8H

(1) This section applies for the purposes of sections 8E to 8FE and section 8M.

(2) A “residential property interest”, in relation to a person, means an interest in a dwelling-house which has been the person's residence at a time when the person's estate included that, or any other, interest in the dwelling-house.

(3) Where a person's estate immediately before the person's death includes residential property interests in just one dwelling-house, the person's interests in that dwelling-house are a qualifying residential interest in relation to the person.

(4) Where—

(a) a person's estate immediately before the person's death includes residential property interests in each of two or more dwelling-houses, and

(b) the person's personal representatives nominate one (and only one) of those dwelling-houses,

the person's interests in the nominated dwelling-house are a qualifying residential interest in relation to the person.

(4A) Subsection (4B) or (4C) applies where—

(a) a person disposes of a residential property interest in a dwelling-house on or after 8 July 2015 (and before the person dies), and

(b) the person's personal representatives nominate—

(i) where there is only one such dwelling-house, that dwelling-house, or

(ii) where there are two or more such dwelling-houses, one (and only one) of those dwelling-houses.

(4B) Where—

(a) the person—

(i) disposes of a residential property interest in the nominated dwelling-house at a post-occupation time, or

(ii) disposes of two or more residential property interests in the nominated dwelling-house at the same post-occupation time or at post-occupation times on the same day, and

(b) the person does not otherwise dispose of residential property interests in the nominated dwelling-house at post-occupation times,

the interest disposed of is, or the interests disposed of are, a qualifying former residential interest in relation to the person.

(4C) Where—

(a) the person disposes of residential property interests in the nominated dwelling-house at post-occupation times on two or more days, and

(b) the person's personal representatives nominate one (and only one) of those days,

the interest or interests disposed of at post-occupation times on the nominated day is or are a qualifying former residential interest in relation to the person.

(4D) For the purposes of subsections (4A) to (4C)—

(a) a person is to be treated as not disposing of a residential property interest in a dwelling-house where the person disposes of an interest in the dwelling-house by way of gift and the interest is, in relation to the gift and the donor, property subject to a reservation within the meaning of section 102 of the Finance Act 1986 (gifts with reservation), and

(b) a person is to be treated as disposing of a residential property interest in a dwelling-house if the person is treated as making a potentially exempt transfer of the interest as a result of the operation of section 102(4) of that Act (property ceasing to be subject to a reservation).

(4E) Where—

(a) a transfer of value by a person is a conditionally exempt transfer of a residential property interest, and

(b) at the time of the person's death, no chargeable event has occurred with respect to that interest,

that interest may not be, or be included in, a qualifying former residential interest in relation to the person.

(4F) In subsections (4B) and (4C) “post-occupation time” means a time—

(a) on or after 8 July 2015,

(b) after the nominated dwelling-house first became the person's residence, and

(4G) For the purposes of subsections (4A) to (4C), if the disposal is under a contract which is completed by a conveyance, the disposal occurs at the time when the interest is conveyed.

(5) A reference in this section to a dwelling-house—

(a) includes any land occupied and enjoyed with it as its garden or grounds, but

(b) does not include, in the case of any particular person, any trees or underwood in relation to which an election is made under section 125 as it applies in relation to that person's death.

(6) If at any time when a person's estate includes an interest in a dwelling-house, the person—

(a) resides in living accommodation which for the person is job-related, and

(b) intends in due course to occupy the dwelling-house as the person's residence,

this section applies as if the dwelling-house were at that time occupied by the person as a residence.

(7) Section 222(8A) to (8D) of the 1992 Act (meaning of “job-related”), but not section 222(9) of that Act, apply for the purposes of subsection (6).

8J

(1) This section explains for the purposes of sections 8E , 8F, 8FA, 8FB and 8M whether a person (“B”) inherits, from a person who has died (“D”), property which forms part of D's estate immediately before D's death.

(2) B inherits the property if there is a disposition of it (whether effected by will, under the law relating to intestacy or otherwise) to B.

(3) Subsection (2) does not apply if—

(a) the property becomes comprised in a settlement on D's death, or

(b) immediately before D's death, the property was settled property in which D was beneficially entitled to an interest in possession.

(4) Where the property becomes comprised in a settlement on D's death, B inherits the property if—

(a) B becomes beneficially entitled on D's death to an interest in possession in the property, and that interest in possession is an immediate post-death interest or a disabled person's interest, or

(b) the property becomes, on D's death, settled property—

(i) to which section 71A or 71D applies, and

(ii) held on trusts for the benefit of B.

(5) Where, immediately before D's death, the property was settled property in which D was beneficially entitled to an interest in possession, B inherits the property if B becomes beneficially entitled to it on D's death.

(6) Where the property forms part of D's estate immediately before D's death as a result of the operation of section 102(3) of the Finance Act 1986 (gifts with reservation) in relation to a disposal of the property made by D by way of gift—

(a) subsections (2) to (5) do not apply, and

(b) B inherits the property if the property originally comprised in the gift became comprised in B’s estate on the making of the disposal.

8K

(1) In relation to the death of a person (“D”), something is “closely inherited” for the purposes of sections 8E , 8F, 8FA, 8FB and 8M if it is inherited for those purposes (see section 8J) by—

(a) a lineal descendant of D,

(b) a person who, at the time of D's death, is the spouse or civil partner of a lineal descendant of D, or

(i) at the time of the death of a lineal descendant of D who died no later than D, was the spouse or civil partner of the lineal descendant, and

(ii) has not, in the period beginning with the lineal descendant's death and ending with D's death, become anyone's spouse or civil partner.

(2) The rules in subsections (3) to (8) apply for the interpretation of subsection (1).

(3) A person who is at any time a step-child of another person is to be treated, at that and all subsequent times, as if the person was that other person's child.

(4) Any rule of law, so far as it requires an adopted person to be treated as not being the child of a natural parent of the person, is to be disregarded (but this is without prejudice to any rule of law requiring an adopted person to be treated as the child of an adopter of the person).

(5) A person who is at any time fostered by a foster parent is to be treated, at that and all subsequent times, as if the person was the foster parent's child.

(6) Where—

(a) an individual (“G”) is appointed (or is treated by law as having been appointed) under section 5 of the Children Act 1989, or under corresponding law having effect in Scotland or Northern Ireland or any country or territory outside the United Kingdom, as guardian (however styled) of another person, and

(b) the appointment takes effect at a time when the other person (“C”) is under the age of 18 years,

C is to be treated, at all times after the appointment takes effect, as if C was G's child.

(7) Where—

(a) an individual (“SG”) is appointed as a special guardian (however styled) of another person (“C”) by an order of a court—

(i) that is a special guardianship order as defined by section 14A of the Children Act 1989, or

(ii) that is a corresponding order under legislation having effect in Scotland or Northern Ireland or any country or territory outside the United Kingdom, and

(b) the appointment takes effect at a time when C is under the age of 18 years,

C is to be treated, at all times after the appointment takes effect, as if C was SG's child.

(8) In particular, where under any of subsections (3) to (7) one person is to be treated at any time as the child of another person, that first person's lineal descendants (even if born before that time) are accordingly to be treated at that time (and all subsequent times) as lineal descendants of that other person.

(9) In subsection (4) “adopted person” means—

(a) an adopted person within the meaning of Chapter 4 of Part 1 of the Adoption and Children Act 2002, or

(b) a person who would be an adopted person within the meaning of that Chapter if, in section 66(1)(e) of that Act and section 38(1)(e) of the Adoption Act 1976, the reference to the law of England and Wales were a reference to the law of any part of the United Kingdom.

(10) In subsection (5) “foster parent” means—

(a) someone who is approved as a local authority foster parent in accordance with regulations made by virtue of paragraph 12F of Schedule 2 to the Children Act 1989,

(b) a foster parent with whom the person is placed by a voluntary organisation under section 59(1)(a) that Act,

(c) someone who looks after the person in circumstances in which the person is a privately fostered child as defined by section 66 of that Act, or

(d) someone who, under legislation having effect in Scotland or Northern Ireland or any country or territory outside the United Kingdom, is a foster parent (however styled) corresponding to a foster parent within paragraph (a) or (b).

8L

(1) A claim for brought-forward allowance for a person (see section 8G) or for a downsizing addition for a person (see sections 8FA to 8FD) may be made—

(a) by the person's personal representatives within the permitted period, or

(b) (if no claim is so made) by any other person liable to the tax chargeable on the person's death within such later period as an officer of Revenue and Customs may in the particular case allow.

(2) In subsection (1)(a) “the permitted period” means—

(a) the period of 2 years from the end of the month in which the person dies or (if it ends later) the period of 3 months beginning with the date on which the personal representatives first act as such, or

(b) such longer period as an officer of Revenue and Customs may in the particular case allow.

(3) A claim under subsection (1) made within either of the periods mentioned in subsection (2)(a) may be withdrawn no later than one month after the end of the period concerned.

(4) Subsection (5) applies if—

(a) no claim under this section has been made for brought-forward allowance for a person (“P”),

(b) the amount of the charge to tax under section 4 on the death of another person (“A”) would be different if a claim under subsection (1) had been made for brought-forward allowance for P, and

(c) the amount of the charge to tax under section 4 on the death of P, and the amount of the charge to tax under section 4 on the death of any person who is neither P nor A, would not have been different if a claim under subsection (1) had been made for brought-forward allowance for P.

(5) A claim for brought-forward allowance for P may be made—

(a) by A's personal representatives within the allowed period, or

(b) (if no claim is so made) by any other person liable to the tax chargeable on A's death within such later period as an officer of Revenue and Customs may in the particular case allow.

(6) In subsection (5)(a) “the allowed period” means—

(a) the period of 2 years from the end of the month in which A dies or (if it ends later) the period of 3 months beginning with the date on which the personal representatives first act as such, or

(b) such longer period as an officer of Revenue and Customs may in the particular case allow.

(7) A claim under subsection (5) made within either of the periods mentioned in subsection (6)(a) may be withdrawn no later than one month after the end of the period concerned.

8M

(1) This section applies where—

(a) a person (“D”) dies on or after 6 April 2017,

(b) ignoring the application of this section, D's residence nil-rate amount is greater than nil, and

(c) some or all of the transfer of value under section 4 on D's death is a conditionally exempt transfer of property consisting of, or including, any of the following—

(i) some or all of a qualifying residential interest;

(ii) some or all of a residential property interest, at least some portion of which is closely inherited, and which is not, and is not included in, a qualifying residential interest;

(iii) one or more closely inherited assets that are not residential property interests.

(2) Subsections (2B) to (2E) apply for the purposes of sections 8E to 8FD if—

(a) ignoring the application of this section, D's residence nil-rate amount is given by section 8E, and

(b) some or all of the transfer of value under section 4 is a conditionally exempt transfer of property mentioned in subsection (1)(c)(i).

(2A) In subsections (2B) to (2E), but subject to subsection (3)(a), “the exempt percentage of the QRI” is given by—

$$X QRI × 100$where—X is the attributable portion of the value transferred by the conditionally exempt transfer,QRI is the attributable portion of the value transferred by the transfer of value under section 4, and“the attributable portion” means the portion (which may be the whole) attributable to the qualifying residential interest.$

(2B) If—

(a) the exempt percentage of the QRI is 100%, and

(b) D has no entitlement to a downsizing addition,

D's residence nil-rate amount and amount available for carry-forward are given by section 8F(2) and (3) (instead of section 8E).

(2C) If—

(a) the exempt percentage of the QRI is 100%, and

(b) D has an entitlement to a downsizing addition,

D's residence nil-rate amount and amount available for carry-forward are given by section 8FD(3) to (6) (instead of section 8E as modified by section 8FC(2)).

Dispositions not intended to confer gratuitous benefit.

Gifts to political parties.

Special rate of charge where settled property affected by potentially exempt transfer.

Qualifying interest in possession.

Ten-year anniversary.

62A

(1) For the purposes of this Chapter, there is a “same-day addition”, in relation to a settlement (“settlement A”), if—

(a) there is a transfer of value by a person as a result of which the value immediately afterwards of the property comprised in settlement A is greater than the value immediately before,

(b) as a result of the same transfer of value, or as a result of another transfer of value made by that person on the same day, the value immediately afterwards of the property comprised in another settlement (“settlement B”) is greater than the value immediately before,

(d) at any point in the relevant period, all or any part of the property comprised in settlement A was relevant property, and

(e) at that point, or at any other point in the relevant period, all or any part of the property comprised in settlement B was relevant property.

For exceptions, see section 62B.

(2) Where there is a same-day addition, references in this Chapter to its value are to the difference between the two values mentioned in subsection (1)(b).

(3) “The relevant period” means—

(a) in the case of settlement A, the period beginning with the commencement of settlement A and ending immediately after the transfer of value mentioned in subsection (1)(a), and

(b) in the case of settlement B, the period beginning with the commencement of settlement B and ending immediately after the transfer of value mentioned in subsection (1)(b)).

(4) The transfer or transfers of value mentioned in subsection (1) include a transfer or transfers of value as a result of which property first becomes comprised in settlement A or settlement B; but not if settlements A and B are related settlements.

(5) For the purposes of subsection (1) above, it is immaterial whether the amount of the property comprised in settlement A or settlement B (or neither) was increased as a result of the transfer or transfers of value mentioned in that subsection.

62B

(1) There is not a same-day addition for the purposes of this Chapter if any of the following conditions is met—

(a) immediately after the transfer of value mentioned in section 62A(1)(a) all the property comprised in settlement A was held for charitable purposes only without limit of time (defined by a date or otherwise),

(b) immediately after the transfer of value mentioned in section 62A(1)(b) all the property comprised in settlement B was so held,

(d) the transfer of value, or either or each of the transfers of value, mentioned in section 62A(1)(a) and (b)—

(i) results from the payment of a premium under a contract of life insurance the terms of which provide for premiums to be due at regular intervals of one year or less throughout the contract term, or

(ii) is made to fund such a payment.

(2) If the transfer of value, or each of the transfers of value, mentioned in section 62A(1) is not the transfer of value under section 4 on the settlor's death, there is a same-day addition for the purposes of this Chapter only if conditions A and B are met.

(3) Condition A is that—

(a) the difference between the two values mentioned in section 62A(1)(a) exceeds £5,000, or

(b) in a case where there has been more than one transfer of value within section 62A(1)(a) on the same day, the difference between—

(i) the value of the property comprised in settlement A immediately before the first of those transfers, and

(ii) the value of the property comprised in settlement A immediately after the last of those transfers,

exceeds £5,000.

(4) Condition B is that—

(a) the difference between the two values mentioned in section 62A(1)(b) exceeds £5,000, or

(b) in a case where there has been more than one transfer of value within section 62A(1)(b), the difference between—

(i) the value of the property comprised in settlement B immediately before the first of those transfers, and

(ii) the value of the property comprised in settlement B immediately after the last of those transfers,

exceeds £5,000.

62C

(1) For the purposes of this Chapter, a settlement is a “protected settlement” if it commenced before 10 December 2014 and either condition A or condition B is met.

(2) Condition A is met if there have been no transfers of value by the settlor on or after 10 December 2014 as a result of which the value of the property comprised in the settlement was increased.

(3) Condition B is met if—

(a) there has been a transfer of value by the settlor on or after 10 December 2014 as a result of which the value of the property comprised in the settlement was increased, and

(b) that transfer of value was the transfer of value under section 4 on the settlor's death before 6 April 2017 and it had the result mentioned by reason of a protected testamentary disposition.

(4) In subsection (3)(b) “protected testamentary disposition” means a disposition effected by provisions of the settlor's will that at the settlor's death are, in substance, the same as they were immediately before 10 December 2014.

Added property, etc.

Charge to tax on property to which section 71A applies

Variation of undertakings.

Section 74A: supplementary provision

The relief.

Transitional provisions on reduction of tax.

Gifts to charities or registered clubs.

Exceptions from charge on death

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

Relevant property.

Rate between ten-year anniversaries.

Relevant property.

Rate of ten-yearly charge.

Rate between ten-year anniversaries.

8FA

(1) There is entitlement to a downsizing addition in calculating the person's residence nil-rate amount if each of conditions A to F is met (see subsection (8) for the amount of the addition).

(2) Condition A is that—

(a) the person's residence nil-rate amount is given by section 8E(2) or (4), or

(b) the person's estate immediately before the person's death includes a qualifying residential interest but none of the interest is closely inherited, and—

(i) where E is less than or equal to TT, so much of the value transferred by the transfer of value under section 4 on the person’s death as is attributable to the person's qualifying residential interest is less than the person's default allowance, or

(ii) where E is greater than TT, so much of the value transferred by the transfer of value under section 4 on the person’s death as is attributable to the person's qualifying residential interest is less than the person's adjusted allowance.

Section 8E(6) and (7) do not apply, and any entitlement to a downsizing addition is to be ignored, when deciding whether paragraph (a) of condition A is met.

(3) Condition B is that not all of VT is attributable to the person's qualifying residential interest.

(4) Condition C is that there is a qualifying former residential interest in relation to the person (see sections 8H(4A) to (4F) and 8HA).

(5) Condition D is that the value of the qualifying former residential interest exceeds so much of the value transferred by the transfer of value under section 4 on the person’s death as is attributable to the person's qualifying residential interest.

Section 8FE(2) explains what is meant by the value of the qualifying former residential interest.

(6) Condition E is that at least some of the remainder is closely inherited, where “the remainder” means everything included in the person's estate immediately before the person's death other than the person's qualifying residential interest.

(7) Condition F is that a claim is made for the addition in accordance with section 8L(1) to (3).

(8) Where there is entitlement as a result of this section, the addition—

(a) is equal to the lost relievable amount (see section 8FE) if that amount is less than so much of VT as is attributable to so much of the remainder as is closely inherited, and

(b) otherwise is equal to so much of VT as is attributable to so much of the remainder as is closely inherited.

(9) Subsection (8) has effect subject to section 8M(2G) (reduction of downsizing addition in certain cases involving conditional exemption).

(10) See also—

section 8FC (effect of an addition: section 8E case),

section 8FD (effect of an addition: section 8F case),

section 8H (meaning of “qualifying residential interest”, “qualifying former residential interest” and “residential property interest”),

section 8J (meaning of “inherit”),

section 8K (meaning of “closely inherited”), and

section 8M (cases involving conditional exemption).

8FB

(1) There is also entitlement to a downsizing addition in calculating the person's residence nil-rate amount if each of conditions G to K is met (see subsection (7) for the amount of the addition).

(2) Condition G is that the person's estate immediately before the person's death (“the estate”) does not include a residential property interest.

(3) Condition H is that VT is greater than nil.

(4) Condition I is that there is a qualifying former residential interest in relation to the person (see sections 8H(4A) to (4F) and 8HA).

(5) Condition J is that at least some of the estate is closely inherited.

(6) Condition K is that a claim is made for the addition in accordance with section 8L(1) to (3).

(7) Where there is entitlement as a result of this section, the addition—

(a) is equal to the lost relievable amount (see section 8FE) if that amount is less than so much of VT as is attributable to so much of the estate as is closely inherited, and

(b) otherwise is equal to so much of VT as is attributable to so much of the estate as is closely inherited.

(8) Subsection (7) has effect subject to section 8M(2G) (reduction of downsizing addition in certain cases involving conditional exemption).

(9) See also—

section 8FD (effect of an addition: section 8F case),

section 8H (meaning of “qualifying residential interest”, “qualifying former residential interest” and “residential property interest”),

section 8J (meaning of “inherit”),

section 8K (meaning of “closely inherited”), and

section 8M (cases involving conditional exemption).

8FC

(1) Subsection (2) applies if—

(a) as a result of section 8FA, there is entitlement to a downsizing addition in calculating the person's residence nil-rate amount, and

(b) the person's residence nil-rate amount is given by section 8E.

(2) Section 8E has effect as if, in subsections (2) to (5) of that section, each reference to NV/100 were a reference to the total of—

(a) NV/100, and

(b) the downsizing addition.

8FD

(1) This section applies if—

(a) as a result of section 8FA or 8FB, there is entitlement to a downsizing addition in calculating the person's residence nil-rate amount, and

(b) apart from this section, the person's residence nil-rate amount is given by section 8F.

(2) Subsections (3) to (6) apply instead of section 8F.

(3) The person's residence nil-rate amount is equal to the downsizing addition.

(4) Where—

(a) E is less than or equal to TT, and the downsizing addition is equal to the person's default allowance, or

(b) E is greater than TT, and the downsizing addition is equal to the person's adjusted allowance,

no amount is available for carry-forward.

(5) Where—

(a) E is less than or equal to TT, and

(b) the downsizing addition is less than the person's default allowance,

an amount, equal to the difference between the downsizing addition and the person's default allowance, is available for carry-forward.

(6) Where—

(a) E is greater than TT, and

(b) the downsizing addition is less than the person's adjusted allowance,

an amount, equal to the difference between the downsizing addition and the person's adjusted allowance, is available for carry-forward.

8FE

(1) This section is about how to calculate the person's lost relievable amount for the purposes of sections 8FA(8) and 8FB(7).

(2) For the purposes of this section and section 8FA(5), the value of the person's qualifying former residential interest is the value of the interest at the time of completion of the disposal of the interest.

(3) In this section, the person's “former allowance” is the total of—

(a) the residential enhancement at the time of completion of the disposal of the qualifying former residential interest,

(b) any brought-forward allowance that the person would have had if the person had died at that time, having regard to the circumstances of the person at that time (see section 8G as applied by subsection (4)), and

(c) if the person's allowance on death includes an amount of brought-forward allowance which is greater than the amount of brought-forward allowance given by paragraph (b), the difference between those two amounts.

(4) For the purposes of calculating any brought-forward allowance that the person (“P”) would have had as mentioned in subsection (3)(b)—

(a) section 8G (brought-forward allowance) applies, but as if references to the residential enhancement at P's death were references to the residential enhancement at the time of completion of the disposal of the qualifying former residential interest, and

(b) assume that a claim for brought-forward allowance was made in relation to an amount available for carry-forward from a related person's death if, on P's death, a claim was in fact made in relation to the amount.

(5) For the purposes of subsection (3)(c), where the person's allowance on death is equal to the person's adjusted allowance, the amount of brought-forward allowance included in the person's allowance on death is calculated as follows.

Step 1 Express the person's brought-forward allowance as a percentage of the person's default allowance.

Step 2 Multiply—$E − T T 2$by the percentage given by step 1.

Step 3 Reduce the person's brought-forward allowance by the amount given by step 2.The result is the amount of brought-forward allowance included in the person's allowance on death.

(6) If completion of the disposal of the qualifying former residential interest occurs before 6 April 2017—

(a) for the purposes of subsection (3)(a), the residential enhancement at the time of completion of the disposal is treated as being £100,000, and

(b) for the purposes of subsection (3)(b), the amount of brought-forward allowance that the person would have had at that time is treated as being nil.

(7) In this section, the person's “allowance on death” means—

(a) where E is less than or equal to TT, the person's default allowance, or

(b) where E is greater than TT, the person's adjusted allowance.

(8) For the purposes of this section, “completion” of the disposal of a residential property interest occurs at the time of the disposal or, if the disposal is under a contract which is completed by a conveyance, at the time when the interest is conveyed.

(9) Where, as a result of section 8FA, there is entitlement to a downsizing addition in calculating the person's residence nil-rate amount, take the following steps to calculate the person's lost relievable amount.

Step 1 Express the value of the person's qualifying former residential interest as a percentage of the person's former allowance, but take that percentage to be 100% if it would otherwise be higher.

Step 2 Express QRI as a percentage of the person's allowance on death, where QRI is so much of the value transferred by the transfer of value under section 4 on the person’s death as is attributable to the person's qualifying residential interest, but take that percentage to be 100% if it would otherwise be higher.

Step 3 Subtract the percentage given by step 2 from the percentage given by step 1, but take the result to be 0% if it would otherwise be negative. The result is P%.

Step 4 The person's lost relievable amount is equal to P% of the person's allowance on death.

(10) Where, as a result of section 8FB, there is entitlement to a downsizing addition in calculating the person's residence nil-rate amount, take the following steps to calculate the person's lost relievable amount.

Step 1 Express the value of the person's qualifying former residential interest as a percentage of the person's former allowance, but take that percentage to be 100% if it would otherwise be higher.

Step 2 Calculate that percentage of the person's allowance on death. The result is the person's lost relievable amount.

Meaning of “qualifying residential interest” , “qualifying former residential interest” and “residential property interest”

8HA

(1) This section applies for the purposes of determining whether certain interests may be, or be included in, a qualifying former residential interest in relation to a person (see section 8H(4A) to (4C)).

(2) This section applies where—

(a) a person (“P”) is beneficially entitled to an interest in possession in settled property, and

(b) the settled property consists of, or includes, an interest in a dwelling-house.

(3) Subsection (4) applies where—

(a) the trustees of the settlement dispose of the interest in the dwelling-house to a person other than P,

(b) P's interest in possession in the settled property subsists immediately before the disposal, and

(i) falls within subsection (7) throughout the period beginning with P becoming beneficially entitled to it and ending with the disposal, or

(ii) falls within subsection (8).

(4) The disposal is to be treated as a disposal by P of the interest in the dwelling-house to which P is beneficially entitled as a result of the operation of section 49(1).

(5) Subsection (6) applies where—

(a) P disposes of the interest in possession in the settled property, or P's interest in possession in the settled property comes to an end in P's lifetime,

(b) the interest in the dwelling-house is, or is part of, the settled property immediately before the time when that happens, and

(i) falls within subsection (7) throughout the period beginning with P becoming beneficially entitled to it and ending with the time mentioned in paragraph (b), or

(ii) falls within subsection (8).

(6) The disposal, or (as the case may be) the coming to an end of P's interest in possession, is to be treated as a disposal by P of the interest in the dwelling-house to which P is beneficially entitled as a result of the operation of section 49(1).

(7) An interest in possession falls within this subsection if—

(a) P became beneficially entitled to it before 22 March 2006 and section 71A does not apply to the settled property; or

(b) P becomes beneficially entitled to it on or after 22 March 2006 and the interest is—

(i) an immediate post-death interest,

(ii) a disabled person's interest, or

(iii) a transitional serial interest.

(8) An interest in possession falls within this subsection if P becomes beneficially entitled to it on or after 22 March 2006 and it falls within section 5(1B).

12A

(1) Where a person has a drawdown fund, section 3(3) above does not apply in relation to any omission that results in the fund not being used up in the person's lifetime.

(2) For the purposes of subsection (1) above, a person has a drawdown fund if the person has—

(a) a member's drawdown pension fund,

(b) a member's flexi-access drawdown fund,

(d) a dependant's flexi-access drawdown fund,

(e) a nominee's flexi-access drawdown fund, or

(f) a successor's flexi-access drawdown fund, and

in respect of a money purchase arrangement under a registered pension scheme.

(3) For the purposes of subsection (1) above, a person also has a drawdown fund if sums or assets held for the purposes of a money purchase arrangement under a corresponding scheme would, if that scheme were a registered pension scheme, be the person's—

(a) member's drawdown pension fund,

(b) member's flexi-access drawdown fund,

(d) dependant's flexi-access drawdown fund,

(e) nominee's flexi-access drawdown fund, or

(f) successor's flexi-access drawdown fund,

in respect of the arrangement.

(4) In this section—

“corresponding scheme” means—a qualifying non-UK pension scheme (see section 271A below), ora section 615(3) scheme that is not a registered pension scheme;

“money purchase arrangement” has the same meaning as in Part 4 of the Finance Act 2004 (see section 152 of that Act);

“member's drawdown pension fund”, “member's flexi-access drawdown fund”, “dependant's drawdown pension fund”, “dependant's flexi-access drawdown fund”, “nominee's flexi-access drawdown fund” and “successor's flexi-access drawdown fund” have the meaning given, respectively, by paragraphs 8, 8A, 22, 22A, 27E and 27K of Schedule 28 to that Act.

Charge to tax on property to which section 71A applies

Section 74A: supplementary provision

Effect of alterations of capital, etc

The relief.

Scotland; legitim. etc.

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

Visiting forces, etc.

Payments to victims of persecution during Second World War era

153ZA

(1) This section applies where a qualifying payment has at any time been received by a person (“P”), or by the personal representatives of P.

(2) The tax chargeable on the value transferred by the transfer made on P's death (the “value transferred”) is to be reduced by an amount equal to—

(a) the relevant percentage of the amount of the qualifying payment, or

(b) if lower, the amount of tax that would, apart from this section, be chargeable on the value transferred.

(3) In subsection (2) “relevant percentage” means the percentage specified in the last row of the third column of the Table in Schedule 1.

(4) For the purposes of this section, a “qualifying payment” is a payment that meets Condition A, B or C.

(5) Condition A is that the payment—

(a) is of a kind specified in Part 1 of Schedule 5A, and

(b) is made to a person, or the personal representatives of a person, who was—

(i) a victim of National-Socialist persecution, or

(ii) the spouse or civil partner of a person within sub-paragraph (i).

(6) Condition B is that the payment is of a kind listed in Part 2 of Schedule 5A.

(7) Condition C is that the payment—

(a) is of a kind specified in regulations made by the Treasury, and

(b) is made to a person, or the personal representatives of a person, who was—

(i) held as a prisoner of war, or a civilian internee, during the Second World War, or

(ii) the spouse or civil partner of a person within sub-paragraph (i).

(8) The Treasury may by regulations add a payment of a specified kind to the list in Part 1 of Schedule 5A.

(8A) Regulations under this section may have effect in relation to deaths occurring before the regulations are made.

(9) Regulations under this section are to be made by statutory instrument.

(10) A statutory instrument containing regulations under this section is subject to annulment in pursuance of a resolution of the House of Commons.

Effect of conclusions of review

Notifying appeal to tribunal after review concluded

Overpayments.

Failure to provide information etc.

SCHEDULE 5A

PART 1 — Compensation payments

1

A payment of a fixed amount from the German foundation known as “Remembrance, Responsibility and Future” (Stiftung EVZ) in respect of a person who was a slave or forced labourer.

2

A payment of a fixed amount in accordance with the arrangements made under the Swiss Bank Settlement (Holocaust Victim Assets Litigation) in respect of the slave or forced labourers qualifying for compensation under the Remembrance, Responsibility and Future scheme.

3

A payment of a fixed amount from the Hardship Fund established by the Government of the Federal Republic of Germany.

4

A payment of a fixed amount from the National Fund of the Republic of Austria for Victims of National-Socialism under the terms of the scheme as at June 1995.

5

A payment of a fixed amount in respect of a slave or forced labourer from the Austrian Reconciliation Fund.

6

A payment of a fixed amount by the Swiss Refugee Programme in accordance with the arrangements made under the Swiss Bank Settlement (Holocaust Victim Assets Litigation) in respect of refugees.

7

A payment of a fixed amount under the foundation established in the Netherlands and known as the Dutch Maror Fund (Stichting Maror-Gelden Overheid).

8

A one-off payment of a fixed amount from the scheme established by the Government of the French Republic and known as the French Orphan Scheme.

9

A payment of a fixed amount from the Child Survivor Fund established by the Government of the Federal Republic of Germany.

PART 2 — Ex-gratia payments

10

A payment of a fixed amount made from the scheme established by the United Kingdom Government and known as the Far Eastern Prisoners of War Ex Gratia Scheme.

SCHEDULE A1

PART 1 — Overseas property with value attributable to UK residential property

Introductory

1

Property is not excluded property by virtue of section 6(1) or 48ZA if and to the extent that paragraph 2 or 3 applies to it.

Close company and partnership interests

2

(1) This paragraph applies to an interest in a close company or in a partnership, if and to the extent that the interest meets the condition in sub-paragraph (2).

(2) The condition is that the value of the interest is—

(a) directly attributable to a UK residential property interest, or

(b) attributable to a UK residential property interest by virtue only of one or more of the following—

(i) an interest in a close company;

(ii) an interest in a partnership;

(iii) property to which paragraph 3 (loans) applies.

(3) For the purposes of sub-paragraphs (1) and (2) disregard—

(a) an interest in a close company, if the value of the interest is less than 5% of the total value of all the interests in the close company;

(b) an interest in a partnership, if the value of the interest is less than 5% of the total value of all the interests in the partnership.

(4) In determining under sub-paragraph (3) whether to disregard a person's interest in a close company or partnership, treat the value of the person's interest as increased by the value of any connected person's interest in the close company or partnership.

(5) In determining whether or to what extent the value of an interest in a close company or in a partnership is attributable to a UK residential property interest for the purposes of sub-paragraph (1), liabilities of a close company or partnership are to be attributed rateably to all of its property, whether or not they would otherwise be attributed to any particular property.

Loans

3

This paragraph applies to—

(a) the rights of a creditor in respect of a loan which is a relevant loan (see paragraph 4), and

(b) money or money's worth held or otherwise made available as security, collateral or guarantee for a loan which is a relevant loan, to the extent that it does not exceed the value of the relevant loan.

4

(1) For the purposes of this Schedule a loan is a relevant loan if and to the extent that money or money's worth made available under the loan is used to finance, directly or indirectly—

(a) the acquisition by an individual, a partnership or the trustees of a settlement of—

(i) a UK residential property interest, or

(ii) property to which paragraph 2 to any extent applies, or

(b) the acquisition by an individual, a partnership or the trustees of a settlement of an interest in a close company or a partnership (“the intermediary”) and the acquisition by the intermediary of property within paragraph (a)(i) or (ii).

(2) In this paragraph references to money or money's worth made available under a loan or sale proceeds being used “indirectly” to finance the acquisition of something include the money or money's worth or sale proceeds being used to finance—

(a) the acquisition of any property the proceeds of sale of which are used directly or indirectly to finance the acquisition of that thing, or

(b) the making, or repayment, of a loan to finance the acquisition of that thing.

(3) In this paragraph references to the acquisition of a UK residential property interest by an individual, a partnership, the trustees of a settlement or a close company include the maintenance, or an enhancement, of the value of a UK residential property interest which is (as the case may be) the property of the individual, property comprised in the settlement or property of the partnership or close company.

(4) Where the UK residential property interest by virtue of which a loan is a relevant loan is disposed of, the loan ceases to be a relevant loan.

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