http://www.legislation.gov.uk/id/ukpga/1992/48

Part IIIMiscellaneous and General

Inheritance tax

72Increase of rate bands

(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 limit
Upper limit
Rate of tax Per cent.
£
£
0
150,000
Nil
150,000
—
40”

Portion of value	Rate of tax
0	150,000	Nil
150,000	—	40”

(2)

Subsection (1) above shall apply to any chargeable transfer made on or after 10th March 1992, and section 8(1) of the Inheritance Tax Act 1984 (indexation of rate bands) shall not apply to chargeable transfers made in the year beginning 6th April 1992.

73Business and agricultural property relief

Schedule 14 to this Act (which makes provision in relation to relief in respect of business property and agricultural property) shall have effect.

Portion of value		Rate of tax
Lower limit	Upper limit	Rate of tax Per cent.
£	£
0	150,000	Nil
150,000	—	40”