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.