Version Superseded: 29/04/1996
Point in time view as at 01/05/1995. This version of this provision has been superseded.
Inheritance Tax Act 1984, Section 174 is up to date with all changes known to be in force on or before 10 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
(1)In determining the value of a person’s estate immediately before his death, allowance shall be made for—
(a)any liability for income tax in respect of an offshore income gain, within the meaning of Chapter [F2V of Part VII of the Taxes Act 1988], arising on a disposal which is deemed to occur on the death by virtue of section [F3757(3)] of that Act; and
(b)any liability to income tax arising under paragraph [F44 of Schedule 4 to that Act] (deep discount securities) on a disposal which is deemed to occur by virtue of paragraph [F57(2)] of that Schedule.
(2)Where in determining the value of a person’s estate immediately before his death a liability for [F1inheritance tax] is taken into account, then, if that tax or any part of it is not in the event paid out of the estate, the value of the estate immediately before his death shall be treated as increased by an amount equal to that tax or so much of it as is not so paid.
Textual Amendments
F1 See Finance Act 1986 s. 100(1)and (2)—for any liability to tax arising on and after 25July 1986any reference in the legislation to capital transfer tax has effect as a reference to inheritance tax.
F2Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), Sch. 29, para. 32.Originally
“VII of Part II of the Finance Act 1984”.
F3Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), Sch. 29, para. 32.Originally
“92(3)”.
F4Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), Sch. 29, para. 32.Originally
“1 of Schedule 9 to the Finance Act 1984”.
F5Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), Sch. 29, para. 32.Originally
“2(2)”.
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