94 Charge on participators
Inheritance Tax Act 1984 (1984 c 51) | Legislation

Part IV Close Companies

Transfers by close companies

94  Charge on participators

(1)     Subject to the following provisions of this Part of this Act, where a close company makes a transfer of value, tax shall be charged as if each individual to whom an amount is apportioned under this section had made a transfer of value of such amount as after deduction of tax (if any) would be equal to the amount so apportioned, less the amount (if any) by which the value of his estate is more than it would be but for the company's transfer; but for this purpose his estate shall be treated as not including any rights or interests

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