Search Legislation

Finance Act 2020

 Help about what version

What Version

 Help about advanced features

Advanced Features

 Help about opening options

Opening OptionsExpand opening options

Changes over time for: Paragraph 5

 Help about opening options

Changes to legislation:

There are currently no known outstanding effects for the Finance Act 2020, Paragraph 5. Help about Changes to Legislation

5(1)This paragraph applies where a qualifying payment is at any time received by a person or the personal representatives of a person (but see sub-paragraph (4)).U.K.

(2)The inheritance tax chargeable on the value transferred by the transfer made on the person's death is to be reduced by an amount equal to—

(a)the relevant percentage of the amount of the payment, or

(b)if lower, the amount of inheritance tax that would, apart from this paragraph, be chargeable on the value transferred.

(3)The “relevant percentage” means the percentage in the last row of the third column of the Table in Schedule 1 to IHTA 1984.

(4)This paragraph does not apply in a case where—

(a)the qualifying payment is within paragraph 2(3),

(b)the payment is made after the death of the person mentioned in paragraph (b) of paragraph 2(3), and

(c)the payment is made otherwise than to the personal representatives of that person.

(5)This paragraph has effect, in a case where the qualifying payment is within paragraph 2(2) or (3), in relation to deaths occurring on or after 3 April 2019.

(6)This paragraph has effect, in a case where the qualifying payment is within paragraph 2(4), in relation to deaths occurring on or after 29 May 2020.

(7)This paragraph has effect, in a case where the qualifying payment is within paragraph 2(5), in relation to deaths occurring on or after such date as is specified in the regulations concerned (which may be a date before the regulations are made).

Back to top

Options/Help

You have chosen to open The Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Act as a PDF

The Whole Act you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open the Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open Schedules only

The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?