[29A Abatement of exemption where claim settled out of beneficiary's own resources]
Inheritance Tax Act 1984 (1984 c 51) | Legislation

[29A  Abatement of exemption where claim settled out of beneficiary's own resources]

[(1)     This section applies where—

(a)     apart from this section the transfer of value made on the death of any person is an exempt transfer to the extent that the value transferred by it is attributable to an exempt gift, and

(b)     the exempt beneficiary, in settlement of the whole or part of any claim against the deceased's estate, effects a disposition of property not derived from the transfer.

(2)     The provisions of this Act shall have effect in relation to the transfer as if—

(a)     so much of the relevant value as is equal to the following amount, namely the amount by which the value of the exempt beneficiary's estate immediately after the disposition is less than it would be but for the disposition, or

(b)     where the amount exceeds the relevant value, the whole

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