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Paragraph 2

Original text. Later amendments are not shown.

In this Schedule—

  • “cumulation” means the inclusion of the total chargeable transfers made by the transferor in the 7 years preceding the current transfer;

  • “GWR” means gift with reservation;

  • “taper relief” means the reduction in tax provided under section 7(4) of the 1984 Act, inserted by paragraph 2(4) of Schedule 19 to the 1986 Act.