Paragraph 2
Where a person who has made a chargeable transfer F1other than a potentially exempt transfer) before a reduction dies after that reduction (or after that and one or more subsequent reductions) and within F2seven years of the transfer, additional tax shall be chargeable by reason of his death only if, and to the extent that, it would have been so chargeable if . . . F3F4the Table in Schedule 1 as substituted by that reduction (or by the most recent of those reductions) had applied to that transfer.
Annotations
Textual amendments
- F1
Finance Act 1986 Sch. 19 para. 37(4)(b)with effect from 18March 1986.
- F2
Finance Act 1986 Sch. 19, para. 37(4)(a),with effect from 18March 1986.Originally
“three years”.
- F3
Repealed by Finance Act 1986 s. 101(3), Sch. 19, para. 37(4)(c)and Sch. 23, Part X,with effect from 18March 1986.
- F4
Finance Act 1986 Sch. 19, para. 37(1)(b),with effect from 18March 1986.Originally
“the Tables.”
Notes on the whole Act
Textual amendments
- 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.
Notes on Death within seven years of chargeable transfer
Textual amendments
- F1
Finance Act 1986 Sch. 19, para. 37(4)(a),with effect from 18March 1986.Originally
“three years”.