(1)The functions of the Treasury under—
(a)Part II, and section 76 of, and Schedules 3 to 5 to, the [1984 c. 51.] Capital Transfer Tax Act 1984 (exempt transfers);
(b)section 147 of the [1979 c. 14.] Capital Gains Tax Act 1979 (works of art etc.);
(c)the enactments re-enacted by those provisions ;
and the corresponding functions of the Treasury under any earlier enactments relating to capital transfer tax or estate duty, are hereby transferred to the Commissioners of Inland Revenue (" the Board").
(2)This section shall not affect the validity of anything done by or in relation to the Treasury before the passing of this Act; and anything which at that date is in the process of being done by or in relation to the Treasury may, if it relates to functions transferred by this section to the Board, be continued by or in relation to the Board.
(3)Any authorisation, designation, direction, approval, determination, or other thing given, made or done by the Treasury in connection with functions transferred by this section shall have effect as if given, made or done by the Board in so far as that is required for continuing its effect after the passing of this Act.
(4)Any enactment passed or instrument or other document made before the coming into operation of this section shall have effect, so far as may be necessary, for the purpose or in consequence of the transfer of functions effected by this section as if any reference to the Treasury were or included a reference to the Board.