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Finance Act 2003
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Finance Act 2003, Paragraph 4 is up to date with all changes known to be in force on or before 26 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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4(1)A transaction following a person’s death that varies a disposition (whether effected by will, under the law relating to intestacy or otherwise) of property of which the deceased was competent to dispose is exempt from charge if the following conditions are met.U.K.
(2)The conditions are—
(a)that the transaction is carried out within the period of two years after a person’s death, and
(b)that no consideration in money or money’s worth other than the making of a variation of another such disposition is given for it.
[F1(2A)Where the condition in sub-paragraph (2)(b) is not met, the chargeable consideration for the transaction is determined in accordance with paragraph 8A(2) of Schedule 4.]
(3)This paragraph applies whether or not the administration of the estate is complete or the property has been distributed in accordance with the original dispositions.
Textual Amendments
F1Sch. 3 para. 4(2A) inserted (with effect in accordance with s. 301(7) of the amending Act) by Finance Act 2004 (c. 12), s. 301(1)
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