# Finance Act 1986, Paragraph 26


In section 199 (liability for tax etc. on dispositions by transferor) for subsection (2) there shall be substituted the following subsection—
“(2) Subsection (1)(a) above shall apply in relation to—
(a) the tax on the value transferred by a potentially exempt transfer; and
(b) so much of the tax on the value transferred by any other chargeable transfer made within seven years of the transferor’s death as exceeds what it would have been had the transferor died more than seven years after the transfer,
with the substitution for the reference to the transferor of a reference to his personal representatives.”

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Source: https://www.legislation.gov.uk/ukpga/1986/41/schedule/19/paragraph/26 (the official version)
Page: https://openlegislation.uk/finance-act-1986/schedule-19/paragraph-26
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.