Paragraph 1 F1

(1)

This Schedule applies if—

(a)

a chargeable transfer is made (under section 4) on the death of a person (“D”), and

(b)

all or part of the value transferred by the chargeable transfer is chargeable to tax at a rate other than nil per cent.

(2)

The part of the value transferred that is chargeable to tax at a rate other than nil per cent is referred to in this Schedule as “TP”.

Annotations

F1: Sch. 1A inserted (with effect in accordance with Sch. 33 para. 10(1) of the amending Act) by Finance Act 2012 (c. 14), Sch. 33 para. 1

F1: By Finance Act 1986 s. 100(1), on and after 25 July 1986 the Capital Transfer Tax Act 1984 may be cited as the Inheritance Tax Act 1984.