SCHEDULE 21Chargeable gains: restriction of gifts relief etc
Gifts on which inheritance tax is chargeable etc
5
(1)
Section 260 of the Taxation of Chargeable Gains Act 1992 (c. 12) is amended as follows.
(2)
In subsection (1)
(circumstances in which subsection (3) applies, subject to certain provisions) after “169” insert “
, 169B, 169C
”
.
(3)
Omit subsection (6A) (unnecessary provision for preventing reduction in case of disposal which is chargeable event for purposes of Schedule 5B).
(4)
Omit subsection (6B) (unnecessary provision for preventing reduction in case of disposal which is chargeable event for purposes of Schedule 5C).
(5)
In subsection (7)
(deduction to be allowed in computing chargeable gain on subsequent disposal by transferee, where disposal by transferor is chargeable transfer for inheritance tax purposes) after “subsection (2)(a) above” insert “
(whether or not subsection (3) above applies in relation to it)
”
.