# Inheritance Tax Act 1984, Section 132: Wasting assets.


(1) Section 131 above shall not apply if the transferred property is tangible movable property that is a wasting asset.
(2) The transferred property is a wasting asset for the purposes of this section if, immediately before the chargeable transfer, it had a predictable useful life not exceeding fifty years, having regard to the purpose for which it was held by the transferor; and plant and machinery shall in every case be regarded as having a predictable useful life of less than fifty years.

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Source: https://www.legislation.gov.uk/ukpga/1984/51/section/132 (the official version)
Page: https://openlegislation.uk/inheritance-tax-act-1984/section-132
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.