Section 207 Conditional exemption, etc.
United Kingdom
Where tax is chargeable under section 32 above on the occurrence of an event which is a chargeable event with respect to any property by virtue of subsection (2) or subsection (3)(a) of that section, the person liable for the tax is the person who, if the property were sold—
in a case within subsection (2) of that section, at the time the tax becomes chargeable, and
in a case within subsection (3)(a), immediately after the death,
would be entitled to receive (whether for his benefit or not) the proceeds of sale or any income arising from them.
Where tax is chargeable under section 32 above on the occurrence of an event which is a chargeable event with respect to any property by virtue of subsection (3)(b) of that section, the person liable for the tax is the person by whom or for whose benefit the property is disposed of.
Where tax is chargeable under section 32A above on the occurrence of an event which is a chargeable event with respect to any property by virtue of subsection (3) or subsection (4)(a) of that section, the person liable for the tax is the person who, if the property were sold—
in a case within subsection (3) of that section, at the time the tax becomes chargeable, and
in a case within subsection (4)(a), immediately after the death,
would be entitled to receive (whether for his benefit or not) the proceeds of sale or any income arising from them.
Where tax is chargeable under section 32A above on the occurrence of an event which is a chargeable event with respect to any property by virtue of subsection (4)(b) of that section, the person liable for the tax is the person by whom or for whose benefit the property is disposed of.
The persons liable for tax charged under F2section 79(3A) above are—
the trustees of the settlement concerned, and
any person for whose benefit any of the property or income from it is applied at or after the time of the event occasioning the charge.
The person liable for tax chargeable under paragraph 1(1) or 3(1) of Schedule 5 to this Act is the person who, if the property were sold at the time the tax becomes chargeable, would be entitled to receive (whether for his benefit or not) the proceeds of sale or any income arising from them.
The person liable for tax chargeable under paragraph 1(2) or 3(2) of Schedule 5 to this Act is the person by whom or for whose benefit the property is disposed of.
Annotations
Textual amendments
- F1
Finance Act 1985 Sch. 26, para. 10,in relation to events occurring after 18March 1985.
- F2
Words in s. 207(3) substituted (with effect in accordance with s. 12(9) of the amending Act) by Finance (No. 2) Act 2015 (c. 33), s. 12(8)(a)
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.