Inheritance Tax Act 1984 (c. 51)

SCHEDULE 5 U.K. CONDITIONAL EXEMPTION: DEATHS BEFORE 7TH APRIL 1976

Modifications etc. (not altering text)

C1 By Finance Act 1985 s. 95,the functions of the Treasury were transferred to the Commissioners of Inland Revenue (“the Board”).

Requirements of sale U.K.

6 U.K. A sale complies with this paragraph if—

(a) it was not intended to confer any gratuitous benefit on any person, and

(b) it was either a transaction at arm’s length between persons not connected with each other or a transaction such as might be expected to be made at arm’s length between persons not connected with each other.