# Finance Act 1988, Section 136: Reduction of rates.


(1) For the Table in Schedule 1 to the Inheritance Tax Act 1984 there shall be substituted—
“
Table of Rates of Tax
Portion of value
Rate of tax
Lower limit
Upper limit
Per cent.
£
£
0
110,000
Nil
110,000
40
”
(2) Subsection (1) above shall apply to any chargeable transfer made on or after 15th March 1988, and section 8(1) of the Inheritance Tax Act 1984 (indexation of rate bands) shall not apply to chargeable transfers made in the year beginning 6th April 1988.
(3) Section 8(1A) of that Act shall cease to have effect.

---
Source: https://www.legislation.gov.uk/ukpga/1988/39/section/136 (the official version)
Page: https://openlegislation.uk/finance-act-1988/section-136
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.