# Inheritance Tax Act 1984, Paragraph 5


(1) This paragraph applies to—
(a) property which constitutes consideration in money or money's worth for the disposal of property to which paragraph 2 or paragraph 3(a) applies;
(b) any money or money's worth paid in respect of a creditor's rights falling within paragraph 3(a);
(c) any property directly or indirectly representing property within paragraph (a) or (b).
(2) If and to the extent that this paragraph applies to any property—
(a) for the two-year period it is not excluded property by virtue of section 6(1), (1A) or (2) , section 48(4) or section 48ZA, and
(b) if it is held in a qualifying foreign currency account within the meaning of section 157 (non-residents' bank accounts), that section does not apply to it for the two-year period.
(3) The two-year period is the period of two years beginning with the date of—
(a) the disposal referred to in sub-paragraph (1)(a), or
(b) the payment referred to in sub-paragraph (1)(b).
(4) The value of any property within sub-paragraph (1)(c) is to be treated as not exceeding the relevant amount.
(5) The relevant amount is—
(a) where the property within sub-paragraph (1)(c) directly or indirectly represents property within sub-paragraph (1)(a) (“the consideration”), the value of the consideration at the time of the disposal referred to in that sub-paragraph, and
(b) where the property within sub-paragraph (1)(c) directly or indirectly represents property within sub-paragraph (1)(b), the amount of the money or money's worth paid as mentioned in that sub-paragraph.

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Source: https://www.legislation.gov.uk/ukpga/1984/51/schedule/A1/paragraph/5 (the official version)
Page: https://openlegislation.uk/inheritance-tax-act-1984/schedule-A1/paragraph-5
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.