- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Gwreiddiol (Fel y'i Deddfwyd)
Dyma’r fersiwn wreiddiol (fel y’i gwnaed yn wreiddiol).
(1)Subject to section 132 below, this section applies where (by virtue of section 7(2) above) additional tax becomes chargeable in respect of the value transferred by a chargeable transfer because of the transferor's death within three years of the transfer and all or part of the value transferred is attributable to the value of property (" the transferred property") which—
(a)is, at the date of the death, the property of the person (" the transferee ") whose property it became on the transfer or of his spouse, or
(b)has, before that date, been sold by the transferee or his spouse by a qualifying sale ;
and in the following provisions of this section " the relevant date " means, in a case within paragraph (a) above, the date of the death, and in a case within paragraph (b), the date of the qualifying sale.
(2)If—
(a)the market value of the transferred property at the time of the chargeable transfer exceeds its market value on the relevant date, and
(b)a claim is made by a person liable to pay the whole or part of the additional tax,
the additional tax shall be calculated as if the value transferred were reduced by the amount of the excess.
(3)A sale is a qualifying sale for the purposes of this section if—
(a)it is at arm's length for a price freely negotiated at the time of the sale, and
(b)no person concerned as vendor (or as having an interest in the proceeds of the sale) is the same as or connected with any person concerned as purchaser (or as having an interest in the purchase), and
(c)no provision is made, in or in connection with the agreement for the sale, that the vendor (or-any person having an interest in the proceeds of sale) is to have any right to acquire some or all of the property sold or some interest in or created out of it.
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Y Diweddaraf sydd Ar Gael (diwygiedig):Y fersiwn ddiweddaraf sydd ar gael o’r ddeddfwriaeth yn cynnwys newidiadau a wnaed gan ddeddfwriaeth ddilynol ac wedi eu gweithredu gan ein tîm golygyddol. Gellir gweld y newidiadau nad ydym wedi eu gweithredu i’r testun eto yn yr ardal ‘Newidiadau i Ddeddfwriaeth’.
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