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Finance Act 2003
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- UK Public General Acts
- 2003 c. 14
- SCHEDULE 3
- Assents and appropriations by...
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Changes over time for: Cross Heading: Assents and appropriations by personal representatives
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- 22/07/2004- Amendment
- 06/04/2005
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Finance Act 2003, Cross Heading: Assents and appropriations by personal representatives is up to date with all changes known to be in force on or before 20 February 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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[F1Assents and appropriations by personal representativesU.K.
Textual Amendments
F1Sch. 3 para. 3A and cross-heading inserted (with effect in accordance with s. 300(2) of the amending Act) by Finance Act 2004 (c. 12), s. 300(1)
3A(1)The acquisition of property by a person in or towards satisfaction of his entitlement under or in relation to the will of a deceased person, or on the intestacy of a deceased person, is exempt from charge.U.K.
(2)Sub-paragraph (1) does not apply if the person acquiring the property gives any consideration for it, other than the assumption of secured debt.
(3)Where sub-paragraph (1) does not apply because of sub-paragraph (2), the chargeable consideration for the transaction is determined in accordance with paragraph 8A(1) of Schedule 4.
(4)In this paragraph—
“debt” means an obligation, whether certain or contingent, to pay a sum of money either immediately or at a future date, and
“secured debt” means debt that, immediately after the death of the deceased person, is secured on the property.]
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