Inheritance Tax Act 1984

The Finance Act 1980 U.K.

17 (1) Section 52 of the M1 Finance Act 1980 shall be amended as follows. U.K.

(2) In subsection (1)—

(a) for the words “a direction has effect under section 93 of the Finance Act 1982” there shall be substituted the words “a direction has effect under paragraph 1 of Schedule 4 to the Capital Transfer Tax Act 1984”;

(b) in paragraph (a) for the words “subsection (3) of that section” there shall be substituted the words “sub-paragraph (1) of paragraph 3 of that Schedule”; and

(c) in paragraph (b) for the words “that subsection” there shall be substituted the words “that sub-paragraph”.

(3) In subsections (2) and (3) for the words “subsection (3)(a)(i) or (ii) of the said section 93” there shall be substituted the words “sub-paragraph (1)(a)(i) or (ii) of the said paragraph 3”.

(4) In subsection (7)—

(a) in paragraph (a) for the words from “paragraph 3(1)” to “paragraph 3(4)” there shall be substituted the words “paragraph 9(1) of Schedule 4 to the Capital Transfer Tax Act 1984 there is (or, but for paragraph 9(4)”; and

(b) in paragraph (b) for the words “section 93 of that Act” there shall be substituted the words “paragraph 1 of that Schedule”.

Marginal Citations

M1 1980 c.48.

18 (1) Section 53 of the M2 Finance Act 1980 shall be amended as follows. U.K.

(2) In subsection (1)—

(a) for the words “subsection (3) of section 93 of the Finance Act 1982” there shall be substituted the words “sub-paragraph (1) of paragraph 3 of Schedule 4 to the Capital Transfer Tax Act 1984”; and

(b) in paragraph (a) for the words “the said section 93” there shall be substituted the words “paragraph 1 of the said Schedule 4”.

(3) In subsection (4)—

(a) in paragraph (a) for the words from “paragraph 3(1)” to “paragraph 3(4)” there shall be substituted the words “paragraph 9(1) of Schedule 4 to the Capital Transfer Tax Act 1984 there is (or, but for paragraph 9(4)”; and

(c) in paragraph (b) for the words “section 93 of that Act” there shall be substituted the words “paragraph 1 of that Schedule”.

Marginal Citations

M2 1980 c. 48.

19 U.K. In section 98 of the Finance Act 1980 for the words between “by virtue of” and “but” there shall be substituted the words “paragraph 9(1) or 17(1) of Schedule 4 to the Capital Transfer Tax Act 1984 there is no charge to capital transfer tax in respect of the property ceasing to be comprised in the settlement or a reduced charge to that tax by virtue of paragraph 9(4) or 17(4) of that Schedule”.