Article 2
The amounts which, unless Parliament otherwise determines, will be treated by virtue of section 8 of the Inheritance Tax Act 1984 as specified in the Table in Schedule 1 to that Actf1 in relation to chargeable transfers on or after 6th April 1996 are as follows—
TABLE OF RATES OF TAX
| Portion of value | Rate of tax | |
|---|---|---|
| Lower Limit | Upper Limit | Per cent. |
| £ | £ | |
| 0 | 160,000 | NIL |
| 160,000 | — | 40 |
Annotations
Footnotes
- f1
-
The Table in Schedule 1 was substituted by S.I. 1994/3011 in relation to chargeable transfers made on or after 6th April 1995. Previously, the Table in that Schedule was substituted by section 72(1) of the Finance (No. 2) Act 1992 in relation to chargeable transfers made on or after 10th March 1992, and that Table also applied, by virtue of section 196 of the Finance Act 1993 and section 246 of the Finance Act 1994, to chargeable transfers made in the years beginning 6th April 1993 and 6th April 1994 respectively. Prior to that, the Table in that Schedule was substituted by S.I. 1991/735, 1990/680 and 1989/468, section 136(1) of the Finance Act 1988, section 57(2) of the Finance Act 1987 and paragraph 36 of Schedule 19 to the Finance Act 1986.