Section 227 | Payment By Instalments—Land, Shares And Businesses | Inheritance Tax Act 1984 C51

227 Payment by instalments—land, shares and businesses

Inheritance Tax Act 1984 (1984 c 51) | Legislation

227 Payment by instalments—land, shares and businesses

(1) Where any of the tax payable on the value transferred by a chargeable transfer is attributable to the value of qualifying property and—

(a) the transfer is made on death, or

(b) the tax so attributable is borne by the person benefiting from the transfer, or

(c) the transfer is made under Part III of this Act and the property concerned continues to be comprised in the settlement,

the tax so attributable may, if the person paying it by notice in writing to the Board so elects, be paid by ten equal yearly instalments.

[(1A) Subsection (1) above does not apply to—

(a) tax payable on the value transferred by a potentially exempt transfer which proves to be a chargeable transfer, or

(b) additional tax becoming payable on the value transferred by any chargeable transfer by reason of the transferor's death within seven years of the transfer,

except to the extent that the tax is attributable to the value of property which satisfies one of the conditions specified in subsection (1C) below and, in the case of property consisting of unquoted shares or unquoted securities, the further condition specified in section 228(3A)