Inheritance Tax Act 1984

272 General interpretation. U.K.

In this Act, except where the context otherwise requires,—

• “amount” includes value;

• [F1 “authorised unit trust” means a scheme which is a unit trust scheme for the purposes of section 469 of the Taxes Act 1988 (see subsection (7) of that section) and in the case of which an order under section 243 of the Financial Services and Markets Act 2000 is in force;]

• “barrister” includes a member of the Faculty of Advocates;

• “the Board” means the Commissioners of Inland Revenue;

• “charity” and “charitable” have the same meanings as in the Income Tax Acts;

• “conditionally exempt transfer” shall be construed in accordance with section 30(2) above;

• [F2 “disabled person's interest” has the meaning given by section 89B above;]

• “disposition” includes a disposition effected by associated operations;

• “estate” shall be construed in accordance with sections 5, 55 and 151(4) above;

• “estate duty” includes estate duty under the law of Northern Ireland;

• “excluded property” shall be construed in accordance with sections 6 and 48 above;

• “Government department” includes a Northern Ireland department;

• “heritable security” means any security capable of being constituted over any interest in land by disposition or assignation of that interest in security of any debt and of being recorded in the General Register of Sasines;

• [F3 “immediate post-death interest” means an immediate post-death interest for the purposes of Chapter 2 of Part 3 (see section 49A above);]

• “incumbrance” includes any heritable security, or other debt or payment secured upon heritage;

• “Inland Revenue charge” means a charge imposed by virtue of section 237 above;

• “land” does not include any estate interest or right by way of mortgage or other security;

• “local authority” has the meaning given by section [F4 842A of the Taxes Act 1988];

• “mortgage” includes a heritable security and a security constituted over any interest in movable property;

• [F5 “open-ended investment company” means an open-ended investment company within the meaning given by section 236 of the Financial Services and Markets Act 2000 which is incorporated in the United Kingdom;]

• “personal representatives” includes any person by whom or on whose behalf an application for a grant of administration or for the resealing of a grant made outside the United Kingdom is made, and any such person as mentioned in section 199(4)(a) above;

• “property” includes rights and interests of any description [F6 but does not include a settlement power] ;

• “purchaser” means a purchaser in good faith for consideration in money or money’s worth other than a nominal consideration and includes a lessee, mortgagee or other person who for such consideration acquires an interest in the property in question;

• [F7 “quoted”, in relation to any shares or securities, means [F8 listed] on a recognised stock exchange or dealt in on the Unlisted Securities Market and “unquoted”, in relation to any shares or securities, means neither so [F8 listed] nor so dealt in;]

• “reversionary interest” has the meaning given by section 47 above;

• [F9 “settlement power” has the meaning given by section 47A above;]

• “settlement” and “settled property” shall be construed in accordance with section 43 above;

• “settlor” shall be construed in accordance with section 44 above;

• “Special Commissioners” has the same meaning as in the M1 Taxes Management Act 1970;

• [F10 “step-child”, in relation to a civil partner, shall be construed in accordance with section 246 of the Civil Partnership Act 2004;]

• “tax” means [F7 inheritance tax];

• “the Taxes Act [F11 1970]” means the M2 Income and Corporation Taxes Act 1970;

• [F12 “The Taxes Act 1988” means the Income and Corporation Taxes Act 1988;]

• [F13 “transitional serial interest” means a transitional serial interest for the purposes of Chapter 2 of Part 3 (see section 49B above);]

• “trustee” shall be construed in accordance with section 45 above.

• [F14 and

• “the 1992 Act” means the Taxation of Chargeable Gains Act 1992.]

Textual Amendments

F1 S. 272: definition inserted (with effect as stated in s. 186(8) of the amending Act) by Finance Act 2003 (c. 14), s. 186(6)

F2 S. 272 definition inserted (22.3.2006) by Finance Act 2006 (c. 25), s. 156, Sch. 20 paras. 7, 28

F3 S. 272 definition inserted (22.3.2006) by Finance Act 2006 (c. 25), s. 156, Sch. 20 paras. 7, 28

F4 Finance Act 1990 s. 127and Sch. 18, para. 4with effect from 1April 1990.Originally

“52 of the Finance Act 1974”

and amended to

“519 of the Taxes Act 1988”

by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), Sch. 29, para. 32.

F5 S. 272: definition inserted (with effect as stated in s. 186(8) of the amending Act) by Finance Act 2003 (c. 14), s. 186(7)

F6 Words in s. 272 inserted (24.7.2002 with effect as mentioned in s. 119(6)(7) of the amending Act) by 2002 c. 23, s. 119(4)(6)(7)

F7 Finance Act 1987 Sch. 8, para. 17,with effect from 17 March 1987.

F8 S. 272: words in the definition of “quoted” and “unquoted” substituted (29.4.1996 with effect as mentioned in Sch. 38 para. 2(2) of the amending Act) by 1996 c. 8, s. 199, Sch. 38 para. 2(1)(b)

F9 Words in s. 272 inserted (24.7.2002 with effect as mentioned in s. 119(6)(7) of the amending Act) by 2002 c. 23, s. 119(4)(6)(7)

F10 S. 272: definition of "step-child" inserted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 38

F11 “1970” inserted by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), Sch. 29, para. 32.

F12 Income and Corporation Taxes Act Sch. 29, para. 32.

F13 S. 272 definition inserted (22.3.2006) by Finance Act 2006 (c. 25), s. 156, Sch. 20 paras. 7, 28

F14 Words in s. 272 added (6.3.1992 with effects as mentioned in s. 289(1)(2) of the amending Act) by Taxation of Chargeable Gains Act 1992 (c. 12), ss. 289, 290, Sch. 10 para. 8(13) (with ss. 60, 101(1), 201(3)).

Marginal Citations

M1 1970 c.9.

M2 1970 c.10.