(1)For the Table in Schedule 1 to the M1Inheritance Tax Act 1984 there shall be substituted—
| Portion of value | Rate of tax | |
|---|---|---|
| Lower limit | Upper limit | Per 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.