SCHEDULE 36 Treatment of Liabilities for Inheritance Tax Purposes
Finance Act 2013 (2013 c 29) | Legislation

SCHEDULE 36 Treatment of Liabilities for Inheritance Tax Purposes

Section 176

IHTA 1984

1

IHTA 1984 is amended as follows.

2

(1)     Section 162 (liabilities) is amended as follows.

(2)     In subsection (4), after “possible†insert “and to the extent that it is not taken to reduce value in accordance with section 162Bâ€.

(3)     In subsection (5), after “possible†insert “and to the extent that it is not taken to reduce value in accordance with section 162Bâ€.

3

After section 162 insert—

“162A Liabilities attributable to financing excluded property

(1)     To the extent that a liability is attributable to financing (directly or indirectly)—

(a)     the acquisition of any excluded property, or

(b)     the maintenance, or an enhancement, of the value of any such property,

it may only be taken into account so far as permitted by subsections (2) to (4).

(2)     Where the property mentioned in subsection (1) has been disposed of, in whole or in part, for full consideration in money or money's worth, the liability may be taken into account up to an amount equal to so much of that consideration as—

(a)     is not excluded property, and

(b)     has not been used—

(i)

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