[124B Application of section 124A to replacement property]
Inheritance Tax Act 1984 (1984 c 51) | Legislation

[124B  Application of section 124A to replacement property]

[(1)     Subject to subsection (2) below, this section applies where—

(a)     the transferee has disposed of all or part of the original property before the death of the transferor; and

(b)     the whole of the consideration received by him for the disposal has been applied by him in acquiring other property (in this section referred to as “the replacement property”).

(2)     This section does not apply unless—

(a)     the replacement property is acquired, or a binding contract for its acquisition is entered into, within [the allowed period] after the disposal of the original property or, as the case may be, the part concerned); and

(b)     the disposal and acquisition are both made in transactions at arm's length or on terms such

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