[8M Residence nil-rate amount: cases involving conditional exemption]
Inheritance Tax Act 1984 (1984 c 51) | Legislation

[8M  Residence nil-rate amount: cases involving conditional exemption]

[[(1)     This section applies where—

(a)     a person (“D”) dies on or after 6 April 2017,

(b)     ignoring the application of this section, D's residence nil-rate amount is greater than nil, and

(c)     some or all of the transfer of value under section 4 on D's death is a conditionally exempt transfer of property consisting of, or including, any of the following—

(i)     some or all of a qualifying residential interest;

(ii)     some or all of a residential property interest, at least some portion of which is closely inherited, and which is not, and is not included in, a qualifying residential interest;

(iii)     one or more closely inherited assets that are not residential property interests.

(2)     Subsections (2B) to (2E) apply for the purposes of sections 8E to 8FD if—

(a)     ignoring the application of this section, D's residence nil-rate amount is given by section 8E, and

(b)     some or all of the transfer of value under section 4 is a conditionally exempt transfer of property mentioned in subsection (1)(c)(i).

(2A)     In subsections (2B) to (2E), but subject to subsection (3)(a), “the exempt percentage of the QRI” is given by—

(X

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