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Finance Act 2005
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98Rates and rate bands for the next three yearsU.K.
(1)For the Table in Schedule 1 to IHTA 1984 (rates and rate bands), as it has effect from time to time, there shall be successively substituted—
(a)the 2005-06 Table, which shall apply to any chargeable transfer made on or after 6th April 2005 (but before 6th April 2006),
(b)the 2006-07 Table, which shall apply to any chargeable transfer made on or after 6th April 2006 (but before 6th April 2007), and
(c)the 2007-08 Table, which shall apply to any chargeable transfer made on or after 6th April 2007.
(2)Subsection (1)(c) is without prejudice to the application of section 8 of IHTA 1984 (indexation) by virtue of the difference between the retail prices index for the month of September in 2006 or any later year and that for the month of September in the following year.
(3)The 2005-06 Table is—
Table of Rates of Tax
| Portion of value | Rate of tax | |
|---|---|---|
| Lower limit (£) | Upper limit (£) | Per cent. |
| 0 | 275,000 | Nil |
| 275,000 | 40 | |
(4)The 2006-07 Table is—
Table of Rates of Tax
| Portion of value | Rate of tax | |
|---|---|---|
| Lower limit (£) | Upper limit (£) | Per cent. |
| 0 | 285,000 | Nil |
| 285,000 | 40 | |
(5)The 2007-08 Table is—
Table of Rates of Tax
| Portion of value | Rate of tax | |
|---|---|---|
| Lower limit (£) | Upper limit (£) | Per cent. |
| 0 | 300,000 | Nil |
| 300,000 | 40 | |
(6)Section 8(1) of IHTA 1984 (indexation of rate bands) shall not have effect as respects any difference between the retail prices index—
(a)for the month of September 2003 and that for the month of September 2004,
(b)for the month of September 2004 and that for the month of September 2005, or
(c)for the month of September 2005 and that for the month of September 2006.
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