{
  "url": "https://openlegislation.uk/inheritance-tax-indexation-order-1988/note",
  "json_url": "https://openlegislation.uk/inheritance-tax-indexation-order-1988/note.json",
  "legislation": "uksi/1988/505",
  "legislation_title": "The Inheritance Tax (Indexation) Order 1988",
  "legislation_url": "https://openlegislation.uk/inheritance-tax-indexation-order-1988",
  "path": "note",
  "kind": "note",
  "number": null,
  "heading": "Explanatory note",
  "text": "(This note is not part of the Order)\nBy this Order, made under the provisions of section 8 of the Inheritance Tax Act 1984 (formerly the Capital Transfer Tax Act 1984) a new Table of rate bands and rates is substituted in Schedule 1 to that Act for the Table which was substituted by the Finance Act 1987. The figures in the first and second columns of the new Table are the amounts specified in the Table in Schedule 1 to the Inheritance Tax Act 1984 (as so substituted) increased by the amount of the percentage increase (3.7%) in the retail prices index for December 1987 over that for December 1986. The figures are rounded upward to the nearest £1,000 in accordance with section 8(2). The“retail prices index” is defined in section 8(3) as“the general index of retail prices (for all items) published by the Department of Employment”. The retail prices index for December 1986 is 393.0 (based on January 1974 as 100) and for December 1987 is 103.3 (based on January 1987 as 100). (Table 6.4 on pages S56 and S57 of the February 1988 number of the Employment Gazette, the official journal of the Department of Employment. The retail prices index for January 1987 is 394.5 (based on January 1974 as 100) and the percentage increase is calculated thus:\n(103.3×394.5393)-100 .)\nThe new Table will apply in relation to chargeable transfers on or after 6th April 1988 unless Parliament otherwise determines.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1988/505/note",
    "retrieved_at": "2026-10-29T16:09:35.382314+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}