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Finance Act 1988

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Changes over time for: Cross Heading: Inheritance tax

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Point in time view as at 21/07/2008.

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There are currently no known outstanding effects for the Finance Act 1988, Cross Heading: Inheritance tax. Help about Changes to Legislation

Inheritance taxU.K.

136 Reduction of rates.U.K.

(1)For the Table in Schedule 1 to the M1Inheritance Tax Act 1984 there shall be substituted—

Table of Rates of Tax
Portion of value Rate of tax
Lower limitUpper limitPer cent.
£ £
0 110,000 Nil
110,000 40

(2)Subsection (1) above shall apply to any chargeable transfer made on or after 15th March 1988, and section 8(1) of the M2Inheritance Tax Act 1984 (indexation of rate bands) shall not apply to chargeable transfers made in the year beginning 6th April 1988.

(3)Section 8(1A) of that Act shall cease to have effect.

Marginal Citations

137 Gifts to political parties.U.K.

(1)In section 24(1) of the Inheritance Tax Act 1984 (exemption from tax for gifts to political parties) paragraph (b) (which limits the exemption to £100,000 in respect of gifts on or within one year of the death of the transferor) shall cease to have effect.

(2)This section shall have effect in relation to transfers of value made on or after 15th March 1988.

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