(1)For the Table in Schedule 1 to IHTA 1984 (rates and rate bands), as it has effect in relation to chargeable transfers made on or after 6th April 2008, there shall be successively substituted—
(a)the 2008-09 Table, which shall apply to any chargeable transfer made on or after 6th April 2008 (but before 6th April 2009), and
(b)the 2009-10 Table, which shall apply to any chargeable transfer made on or after 6th April 2009.
(2)Subsection (1)(b) is without prejudice to the application of section 8 of IHTA 1984 (indexation) by virtue of the difference between the retail prices index for the month of September in 2008 or any later year and that for the month of September in the following year.
(3)The 2008-09 Table is—
| Portion of value | Rate of tax | |
|---|---|---|
| Lower limit (£) | Upper limit (£) | Per cent. |
| 0 | 312,000 | Nil |
| 312,000 | 40” | |
(4)The 2009-10 Table is—
| Portion of value | Rate of tax | |
|---|---|---|
| Lower limit (£) | Upper limit (£) | Per cent. |
| 0 | 325,000 | Nil |
| 325,000 | 40” | |
(5)Section 8(1) of IHTA 1984 (indexation of rate bands) shall not have effect as respects any difference between the retail prices index—
(a)for the month of September 2006 and that for the month of September 2007, or
(b)for the month of September 2007 and that for the month of September 2008.