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Finance Act 1988

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Changes over time for: Section 136

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Point in time view as at 21/07/2008.

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There are currently no known outstanding effects for the Finance Act 1988, Section 136. Help about Changes to Legislation

136 Reduction of rates.U.K.

(1)For the Table in Schedule 1 to the M1Inheritance Tax Act 1984 there shall be substituted—

Table of Rates of Tax
Portion of value Rate of tax
Lower limitUpper limitPer cent.
£ £
0 110,000 Nil
110,000 40

(2)Subsection (1) above shall apply to any chargeable transfer made on or after 15th March 1988, and section 8(1) of the M2Inheritance Tax Act 1984 (indexation of rate bands) shall not apply to chargeable transfers made in the year beginning 6th April 1988.

(3)Section 8(1A) of that Act shall cease to have effect.

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