34 Reinstatement of transferor's cumulative total
Inheritance Tax Act 1984 (1984 c 51) | Legislation

34  Reinstatement of transferor's cumulative total

(1)     Where tax has become chargeable under section 32 [or 32A] above by reference to a chargeable event in respect of any property (“the relevant event”) the rate or rates of tax applicable to any subsequent chargeable transfer made by the person who made the last conditionally exempt transfer of the property before the relevant event shall be determined as if the amount on which tax has become chargeable as aforesaid were value transferred by a chargeable transfer made by him at the time of the relevant event.

(2)

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