Part III Property Becoming Comprised in Maintenance Funds
Inheritance Tax Act 1984 (1984 c 51) | Legislation

Part III Property Becoming Comprised in Maintenance Funds

16

(1)     Tax shall not be charged under section 65 of this Act in respect of property which ceases to be relevant property on becoming property in respect of which a direction under paragraph 1 above then has effect.

(2)     If the amount on which tax would be charged apart from sub-paragraph (1) above in respect of any property exceeds the value of the property immediately after it becomes property in respect of which the direction has effect (less the amount of any consideration for its transfer received by the trustees of the settlement in which it was comprised immediately before it ceased to be relevant property), that sub-paragraph shall not apply but the amount on which tax is charged shall be equal to the excess.

(3)     Sub-paragraph (1) above shall not apply

Powered by Lexis+®
 

Popular documents

LEXISNEXIS

Directors’ remuneration

Directors’ remunerationCompany directors are not, by virtue only of their office as director, automatically entitled under company law to remuneration for services as a director or to reimbursement of expenses incurred in rendering such services. Power to pay directors remuneration for their

LEXISNEXIS

Section 2(1) of the Misrepresentation Act 1967 allows a claimant to claim damages for non-fraudulent

Section 2(1) of the Misrepresentation Act 1967 allows a claimant to claim damages for non-fraudulent misrepresentation, unless the representor can prove they had reasonable grounds for believing the statement to be true. If the representor had reasonable grounds for believing the statement to be

LEXISNEXIS

Money laundering offences—tipping off and prejudicing an investigation

Money laundering offences—tipping off and prejudicing an investigationTipping off and prejudicing an investigationIt would undermine the benefit to the authorities if, a suspicious activity report (SAR) having been made, the alleged offender were to be made aware of the interest in their activities

LEXISNEXIS

The Standard Provisions of the Society of Trust and Estate Practitioners (STEP)

The Standard Provisions of the Society of Trust and Estate Practitioners (STEP)FORTHCOMING CHANGE: The Society of Trust and Estate Practitioners (STEP) is currently reviewing and revising the STEP Standard provisions and intends to release the 3rd edition later in 2021.Trustees' powersAs trusts can