Paragraph 12

(1)

This paragraph applies where tax is chargeable under paragraph 8 above and paragraph 11 above does not apply.

(2)

Where this paragraph applies, the rate at which the tax is charged shall be the higher of—

(a)

the first rate (as determined in accordance with paragraph 13 below), and

(b)

the second rate (as determined in accordance with paragraph 14 below).

Notes on the whole Act

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.

C1: By Finance Act 1985 s. 95,the functions of the Treasury were transferred to the Commissioners of Inland Revenue (“the Board”).