Section 197 Rate bands: indexation for 1994 onwards.
(1)
In section 8 of the Inheritance Tax Act 1984 (indexation of rate bands)—
(a)
in subsection (1) for “December in 1984” there shall be substituted “ September in 1993 ” and for “previous December” there shall be substituted “ previous September ”;
(b)
in subsection (3) for “December” there shall be substituted “ September ”;
(c)
in subsection (4) for “1985” there shall be substituted “ 1994 ”.
(2)
This section shall apply in relation to chargeable transfers made on or after 6th April 1994.