1U.K.In this Schedule—
(a)references to a reduction are to a reduction of tax by the substitution of [F1a 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 [F2the Table] giving effect to the reduction [F3comes] into force.
Textual Amendments
F1Finance Act 1986 Sch. 19, para. 37(1)(a),with effect from 18March 1986.Originally
“new Tables”.
F2Finance Act 1986 Sch. 19, para. 37(1)(b),with effect from 18March 1986.Originally
“the Tables”.
F3Finance Act 1986 Sch. 19 para. 37(2)with effect from 18March 1986.Originally
“come”.
Textual Amendments
F4Finance Act 1986 Sch. 19, para. 37(3)with effect from 18March 1986.
1AU.K.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 if the Table in Schedule 1 as substituted by that reduction (or by the most recent of those reductions) had applied to that transfer.]
Textual Amendments
F5Finance Act 1986 Sch. 19, para. 37(4)(a),with effect from 18March 1986.Originally
“three years”.
2U.K.Where a person who has made a chargeable transfer [F6other than a potentially exempt transfer)] before a reduction dies after that reduction (or after that and one or more subsequent reductions) and within [F7seven years] of the transfer, additional tax shall be chargeable by reason of his death only if, and to the extent that, it would have been so chargeable if . . . F8[F9the Table] in Schedule 1 as substituted by that reduction (or by the most recent of those reductions) had applied to that transfer.
Textual Amendments
F6Finance Act 1986 Sch. 19 para. 37(4)(b)with effect from 18March 1986.
F7Finance Act 1986 Sch. 19, para. 37(4)(a),with effect from 18March 1986.Originally
“three years”.
F8 Repealed by Finance Act 1986 s. 101(3), Sch. 19, para. 37(4)(c)and Sch. 23, Part X,with effect from 18March 1986.
F9Finance Act 1986 Sch. 19, para. 37(1)(b),with effect from 18March 1986.Originally
“the Tables.”
3U.K.Where tax is chargeable under section 65 of this Act on any occasion after a reduction and the rate at which it is charged is determined under section 69 by reference to the rate that was (or would have been) charged under section 64 on an occasion before that reduction (or before that and one or more other reductions), the rate charged on the later occasion shall be determined as if . . . F10[F11the Table] in Schedule 1 as substituted by that reduction (or by the most recent of those reductions) had been in force on the earlier occasion.
Textual Amendments
F10 Repealed by Finance Act 1986, s. 101(3), Sch. 19, para. 37(5)and Sch. 23, Part Xwith effect from 18March 1986.
F11Finance Act 1986 Sch. 19, para. 37(1)(b),with effect from 18March 1986.Originally
“the Tables.”
4U.K.Where the value of any trees or underwood has been left out of account under Chapter III of Part V of this Act in determining the value transferred by the chargeable transfer made on a death before a reduction and tax is chargeable under section 126 on a disposal of the trees or underwood after that reduction (or after that and one or more subsequent reductions) the rate or rates mentioned in section 128 shall be determined as if . . . F12[F13the Tables] in Schedule 1 as substituted by that reduction (or by the most recent of those reductions) had applied to that transfer.
Textual Amendments
F12 Repealed by Finance Act 1986, s. 101(3), Sch. 19, para. 37(6)and Sch. 23, Part Xwith effect from 18March 1986.
F13Finance Act 1986 Sch. 19, para. 37(1)(b),with effect from 18March 1986.Originally
“the Tables.”
5U.K.Where tax is chargeable under section 32 [F14or 32A] of this Act by reason of a chargeable event occurring after a reduction and the rate or rates at which it is charged fall to be determined under the provisions of section 33(1)(b)(ii) by reference to a death which occurred before that reduction (or before that and one or more other reductions) those provisions shall apply as if [F15the Table] in Schedule 1 as substituted by that reduction (or by the most recent of those reductions) had been in force at the time of the death.
Textual Amendments
F14Finance Act 1985 Sch. 26, para. 5,in relation to events occurring after 18March 1985.
F15Finance Act 1986 Sch. 19, para. 37(1)(b),with effect from 18March 1986.Originally
“the Tables.”
6U.K.Where tax is chargeable under paragraph 8 of Schedule 4 to this Act on any occasion after a reduction and the rate at which it is charged falls to be determined under paragraph 14 of that Schedule by reference to a death which occurred before that reduction (or before that and one or more other reductions) paragraph 14 shall apply as if [F16the Table] in Schedule 1 as substituted by that reduction (or by the most recent of those reductions) had been in force at the time of the death.
Textual Amendments
F16Finance Act 1986 Sch. 19, para. 37(1)(b),with effect from 18March 1986.Originally
“the Tables.”
7U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F17
Textual Amendments
F17 Repealed by Finance Act 1986 s. 114(6)and Sch. 23, Part X,with effect from 18March 1986.
Textual Amendments
F18Sch. 2 para. 6A and preceding cross-heading inserted (6.4.2007) by Finance Act 2006 (c. 25), s. 160, Sch. 22 para. 11
6AU.K.
[F19Where tax is chargeable under section 151B of this Act on an occasion after a reduction and the rate or rates at which it is charged fall to be determined by reference to the death of a person which occurred before that reduction (or before that and one or more other reductions) that section applies as if the Table in Schedule 1 as substituted by that reduction (or by the most recent of those reductions) had been in force at the time of that person's death.]]
Textual Amendments
F19Sch. 2 para. 6A repealed (with effect as mentioned in Sch. 19 para. 29(8) of the amending Act) by Finance Act 2007 (c. 11), ss. 67, 114, Sch. 19 para. 27, Sch. 27 Pt. 3(1)