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Finance Act 1987

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Changes over time for: Section 57

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Point in time view as at 01/09/1994.

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There are currently no known outstanding effects for the Finance Act 1987, Section 57. Help about Changes to Legislation

57 Reduced rates of tax.U.K.

(1)In the M1Inheritance Tax Act 1984 (in this Part of this Act referred to as “the 1984 Act”) section 8(1) (indexation of rate bands) shall not apply to chargeable transfers made in the year beginning 6th April 1987.

(2)For the Table in Schedule 1 to that Act there shall be substituted the Table set out below:

Table of Rates of Tax

Portion of valueRate of tax
Lower limitUpper limitPer cent
££
Lower Limit £Upper Limit £Per cent.
090,000Nil
90,000140,00030
140,000220,00040
220,000330,00050
330,00060

(3)Subsection (2) above applies to any chargeable transfer (within the meaning of the 1984 Act) made on or after 17th March 1987.

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