[71F Calculation of tax charged under section 71E in certain cases]
Inheritance Tax Act 1984 (1984 c 51) | Legislation

[71F  Calculation of tax charged under section 71E in certain cases]

[(1)     Where—

(a)     tax is charged under section 71E above by reason of the happening of an event within subsection (2) below, and

(b)     that event happens after B has attained the age of 18,

the tax is calculated in accordance with this section.

(2)     Those events are—

(a)     B becoming absolutely entitled as mentioned in section 71D(6)(a) above,

(b)     the death of B, and

(c)     property being paid or applied for the advancement or benefit of B.

(3)     The amount of the tax is given by—

Chargeable amount x Relevant fraction x Settlement rate

(4)     For the purposes of subsection (3) above, the “Chargeable amount” is—

(a)     the amount by which the value of property which is comprised in the settlement and to which section

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