Paragraph 7

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

Sch. 53 para. 9 words substituted by Finance (No. 2) Act 2015 s. 15(2)(b)
Sch. 53 para. 2A-2D and cross-heading inserted by Finance (No. 3) Act 2010 Sch. 9 para. 7
Sch. 53 para. 6A and cross-heading inserted by Finance (No. 3) Act 2010 Sch. 9 para. 8
Sch. 53 para. 11A 11B and cross-heading inserted by Finance (No. 3) Act 2010 Sch. 9 para. 17
Sch. 53 para. 14A and cross-heading inserted by Finance (No. 3) Act 2010 Sch. 9 para. 18
Sch. 53 coming into force by Finance Act 2009, Sections 101 and 102 (Carbon Border Adjustment Mechanism) (Interest) (Appointed Day) 2026 art. 2

(1)

The late payment interest start date for each instalment of an amount to which this paragraph applies is the date on which that instalment is to be paid.

(2)

This paragraph applies to any amount of inheritance tax which is payable by instalments under section 229 of IHTA 1984.

(3)

This paragraph also applies to any amount of inheritance tax which is payable by instalments under section 227 of IHTA 1984 if the value on which the amount is payable is attributable to—

(a)

the value of qualifying property within subsection (2)(b) or (c) of that section (shares or securities, or business or interest in a business), or

(b)

value treated as reduced under Chapter 2 of Part 5 of that Act.

(4)

But this paragraph does not apply to an amount by virtue of sub-paragraph (3)(a) if the qualifying property is shares or securities of a company which—

(a)

falls within sub-paragraph (5), but

(b)

does not fall within sub-paragraph (6) or (7).

(5)

A company falls within this sub-paragraph if its business consists wholly or mainly of one or more of the following—

(a)

dealing in securities, stocks or shares, land or buildings, or

(b)

making or holding investments.

(6)

A company falls within this sub-paragraph if its business consists wholly or mainly in being a holding company (as defined in section 1159 of the Companies Act 2006) of one or more companies not falling within sub-paragraph (5).

(7)

A company falls within this sub-paragraph if its business is carried on in the United Kingdom and is—

(a)

wholly that of a market maker, or

(b)

that of a discount house.

(8)

A company is a market maker if—

(a)

it holds itself out at all normal times in compliance with the rules of The Stock Exchange as willing to buy and sell securities, stocks or shares at a price specified by it, and

(b)

it is recognised as doing so by the Council of The Stock Exchange.

Notes on Schedule 53

Commencement

I1

Sch. 53 in force at 31.8.2010 for specified purposes by S.I. 2010/1878, art. 2 (with art. 3)

I2

Sch. 53 in force at 6.10.2011 for specified purposes by S.I. 2011/2391, art. 2(c)

I3

Sch. 53 in force at 31.10.2011 for specified purposes by S.I. 2011/701, art. 3(1) (with art. 4)

I4

Sch. 53 in force at 1.2.2013 for specified purposes by S.I. 2013/67, art. 2

I5

Sch. 53 in force at 1.4.2013 for specified purposes by S.I. 2013/280, art. 2

I6

Sch. 53 in force at 1.10.2013 for specified purposes by S.I. 2013/2472, art. 2

I7

Sch. 53 in force at 6.5.2014 for specified purposes by S.I. 2014/992, art. 3(1)

I8

Sch. 53 in force retrospectively at 6.5.2014 for further specified purposes by Finance Act 2019 (c. 1), s. 88(6)

I9

Sch. 53 in force at 1.1.2015 for specified purposes by S.I. 2014/3269, art. 4(1) (with art. 4(2))

I10

Sch. 53 in force at 1.1.2015 for specified purposes by S.I. 2014/3324, art. 3

I11

Sch. 53 in force at 1.4.2015 for specified purposes by S.I. 2015/974, art. 2

I12

Sch. 53 in force at 6.4.2018 for specified purposes by S.I. 2018/468, art. 2(a)

I13

Sch. 53 in force at 6.4.2019 for specified purposes by 2019 c. 1, Sch. 2 para. 31

I14

Sch. 53 in force at 1.6.2019 for specified purposes by S.I. 2019/918, art. 2

I15

Sch. 53 in force at 1.6.2019 for specified purposes by S.I. 2019/921, art. 2

I16

Sch. 53 in force at 6.9.2019 for specified purposes by S.I. 2019/1238, art. 2 (with art. 3)

I17

Sch. 53 in force at 5.10.2020 for specified purposes by S.I. 2020/979, art. 3(1)

I18

Sch. 53 in force at 6.4.2021 for specified purposes by S.I. 2021/445, reg. 2;

Sch. 53 in force at 6.4.2021 for specified purposes by 2020 c. 14, Sch. 1 para. 29 (with Sch. 1 paras. 30-34);

Sch. 53 in force retrospectively at 6.4.2021 for specified purposes by 2022 c. 3, Sch. 10 para. 29

I19

Sch. 53 in force at 1.4.2022 for specified purposes by S.I. 2021/1409, reg. 2(a)

I20

Sch. 53 in force at 1.1.2023 for specified purposes by S.I. 2022/1277, reg. 2(2)(b) (with reg. 3)

I21

Sch. 53 in force at 1.5.2023 for specified purposes by S.I. 2023/385, art. 2

I22

Sch. 53 in force at 30.9.2023 for specified purposes by S.I. 2023/997, art. 2

I23

Sch. 53 in force at 4.3.2024 for specified purposes by S.I. 2024/133, art. 2

I24

Sch. 53 in force at 1.9.2025 for specified purposes by S.I. 2025/948, art. 3

I25

Sch. 53 in force at 21.5.2026 for specified purposes by S.I. 2026/552, art. 2

I26

Sch. 53 in force at 1.10.2026 for specified purposes by S.I. 2026/1024, art. 3

Notes on Part 2

Modifications

C1: Sch. 53 Pt. 2 modified (8.4.2010) by Finance Act 2010 (c. 13), Sch. 1 para. 30(2)