Section 164 Transferor’s expenses.

In determining the value transferred by a transfer of value, expenses incurred by the transferor in making the transfer (but not his liability for F1inheritance tax)—

(a)

shall, if borne by him, be left out of account;

(b)

shall, if borne by a person benefiting from the transfer, be treated as reducing the value transferred.

Annotations

Textual amendments

F1: See Finance Act 1986 s. 100(1)and (2)—for any liability to tax arising on and after 25July 1986any reference in the legislation to capital transfer tax has effect as a reference to inheritance tax.

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.