SCHEDULES

SCHEDULE 38 Quotation or listing of securities

The Inheritance Tax Act 1984

2

1

For the second and the last occurrences of the word “quoted” in each of—

a

sections 105(1ZA) and 113A(3B) of the M1Inheritance Tax Act 1984 (meaning of “quoted” etc.), and

b

the paragraph in section 272 of that Act (general interpretation) which defines “quoted” and “unquoted”,

there shall be substituted “ listed ”.

2

This paragraph has effect—

a

in relation to transfers of value on or after 1st April 1996; and

b

for the purposes of any charge to tax by reason of an event occurring on or after 1st April 1996, in relation to transfers of value before that date.

3

1

In section 180(3) of that Act (whether two investments are of the same description), for “quoted” there shall be substituted “ listed ”.

2

This paragraph has effect in relation to any time falling on or after 1st April 1996.

4

1

In section 178(2) of that Act (shares or investments whose quotation is suspended at time of death)—

a

for “quotation” there shall be substituted “ listing ”; and

b

for “quoted” there shall be substituted “ so listed or dealt in ”.

2

In section 186B(1) of that Act (shares or investments whose quotation is suspended at the end of the relevant period), for “quotation” there shall be substituted “ listing ”.

3

This paragraph has effect in relation to investments sold, or treated as sold, on or after 1st April 1996.

5

1

In each of sections 227(1AA) and 228(5) of that Act (meaning of “unquoted”), for the word “quoted” there shall be substituted “ listed ”.

2

This paragraph has effect—

a

in relation to transfers of value on or after 1st April 1996; and

b

for the purposes of any charge to tax by reason of an event occurring on or after 1st April 1996, in relation to transfers of value before that date.