SCHEDULE 25 Inheritance Tax
Finance Act 2014 (2014 c 26) | Legislation

SCHEDULE 25 Inheritance Tax

Section 117

Introductory

1

IHTA 1984 is amended as follows.

Rate bands for tax years 2015–16, 2016-17 and 2017-18

2

Section 8 (indexation) does not have effect by virtue of any difference between the consumer prices index for the month of September in 2014, 2015 or 2016 and the previous September.

Treatment of certain liabilities

3

(1)     After section 162A (liabilities attributable to financing excluded property) insert—

“162AA Liabilities attributable to financing non-residents' foreign currency accounts

(1)     This section applies if—

(a)     in determining the value of a person's estate immediately before death, a balance on any qualifying foreign currency account (“the relevant balanceâ€) is to be left out of account under section 157 (non-residents' bank accounts), and

(b)     the person has a liability which is attributable, in whole or in part, to financing (directly or indirectly) the relevant balance.

(2)     To the extent that the liability is attributable as mentioned in subsection (1)(b), it may only be taken into account in determining the value of the person's estate immediately before death so far as permitted by subsection (3).

(3)     If the amount of the liability that is attributable

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