[8FE Calculation of lost relievable amount]
Inheritance Tax Act 1984 (1984 c 51) | Legislation

[8FE  Calculation of lost relievable amount]

[(1)     This section is about how to calculate the person's lost relievable amount for the purposes of sections 8FA(8) and 8FB(7).

(2)     For the purposes of this section and section 8FA(5), the value of the person's qualifying former residential interest is the value of the interest at the time of completion of the disposal of the interest.

(3)     In this section, the person's “former allowance” is the total of—

(a)     the residential enhancement at the time of completion of the disposal of the qualifying former residential interest,

(b)     any brought-forward allowance that the person would have had if the person had died at that time, having regard to the circumstances of the person at that time (see section 8G as applied by subsection (4)), and

(c)     if the person's allowance on death includes an amount of brought-forward allowance which is greater than the amount of brought-forward allowance given by paragraph (b), the difference between those two amounts.

(4)     For the purposes of calculating any brought-forward allowance

Powered by Lexis+®
 

Popular documents

LEXISNEXIS

Violent disorder

Violent disorderThe offence of violent disorderViolent disorder can be tried in the magistrates' court or the Crown Court. These offences will normally be dealt with in the Crown Court. However, there may be cases involving minor violence or threats of violence leading to no or minor injury, with

LEXISNEXIS

Community order requirements

Community order requirementsThis Practice Note reflects the procedural code for sentencing offenders in England and Wales (Sentencing Code) that applies from 1 December 2020, as set out in Parts 2–13 of the Sentencing Act 2020 (SA 2020). For those considering whether the Sentencing Code applies to

LEXISNEXIS

Voluntary manslaughter

Voluntary manslaughterVoluntary manslaughterVoluntary manslaughter consists of those killings which would be murder (because the accused has the relevant mental element for murder) but which are reduced to manslaughter because of one of the three special defences (loss of control, diminished

LEXISNEXIS

Legal Services Board

Legal Services BoardThe Legal Services Board (LSB) is the single independent oversight regulator of the legal profession and sector in England and Wales. It does not directly regulate individual lawyers and, in most circumstances, will not directly regulate firms.Mandate and structureThe LSB is the