SCHEDULE 2 Provisions Applying on Reduction of Tax
Inheritance Tax Act 1984 (1984 c 51) | Legislation

SCHEDULE 2 Provisions Applying on Reduction of Tax

Section 9

Interpretation

1

In this Schedule—

(a)     references to a reduction are to a reduction of tax by the substitution of [a new Table] in Schedule 1 to this Act, and

(b)     references to something happening before or after a reduction are to its happening before or, as the case may be, on or after the date on which [the Table] giving effect to the reduction [comes] into force.

[Death within seven years of potentially exempt transfer

1A

Where a person who has made a potentially exempt transfer before a reduction dies after that reduction (or after that and one or more subsequent reductions) and within the period of seven years beginning with the date of the transfer, tax shall be chargeable by reason of the transfer proving to be a chargeable transfer only if, and to the extent that, it would have been so chargeable

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