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 1997 are as follows —
TABLES OF RATES OF TAX
| Portion of value | ||
|---|---|---|
| Lower Limit | Upper Limit | |
| Rate of tax | ||
| Per cent. | ||
| £ | £ | |
| 0 | 205,000 | NIL |
| 205,000 | — | 40 |
Annotations
Footnotes
- f1
-
The Table in Schedule 1 was substituted by section 183(1) of the Finance Act 1996 in relation to chargeable transfers made in the year beginning 6th April 1996, and by S.I. 1994/3011 in relation to chargeable transfers made in the year beginning 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.