SCHEDULE 5 Conditional Exemption: Deaths Before 7th April 1976
Inheritance Tax Act 1984 (1984 c 51) | Legislation

SCHEDULE 5 Conditional Exemption: Deaths Before 7th April 1976

Section 35

Charge on failure of condition of exemption—objects

1

(1)     Where, under section 31 of the Finance Act 1975, the value of an object has been left out of account and the Treasury are satisfied that at any time the undertaking given under that section or under paragraph 5 below with respect to the object has not been observed in a material respect, tax shall be chargeable with respect to the object in accordance with paragraph 2 below.

(2)     Where, under section 31 of the Finance Act 1975, the value of any object has been left out of account and—

(a)     sub-paragraph (1) above does not apply, but

(b)     the object is disposed of, whether on sale or otherwise,

then, subject to the following provisions of this paragraph, tax shall be chargeable with respect to the object in accordance with paragraph 2 below; but where the value of an object has been so left out of account on the death of more than one person, the tax chargeable under this sub-paragraph shall be chargeable only by reference to the last death.

(3)     Tax shall not be chargeable by virtue

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