SCHEDULES

SCHEDULE 26 Capital Transfer Tax: Conditional Exemption

Consequential amendments

7

For section 35 (2) (a) and (b) of that Act there shall be substituted—

a

if there has been no conditionally exempt transfer of the property on death, tax shall be chargeable either—

i

under section 32 or 32A above (as the case may be), or

ii

under Schedule 5 to this Act,

as the Board may elect;

b

if there has been such a conditionally exempt transfer, tax shall be chargeable under section 32 or 32A above (as the case may be) and not under that Schedule.