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INHERITANCE TAX ACT 1984

UK Public General Acts

Version 19/07/2011

1984 CHAPTER 51

Default Geographical Extent: E+W+S+N.I.


  • PART I. GENERAL
    • Main charges and definitions
    • Rates
    • Dispositions that are not transfers of value
  • PART II. EXEMPT TRANSFERS
    • CHAPTER I. GENERAL
    • CHAPTER II. CONDITIONAL EXEMPTION
    • CHAPTER III. ALLOCATION OF EXEMPTIONS
  • PART III. SETTLED PROPERTY
    • CHAPTER I. PRELIMINARY
    • CHAPTER II. [F164 INTERESTS IN POSSESSION, REVERSIONARY INTERESTS AND SETTLEMENT POWERS]
    • CHAPTER III. SETTLEMENTS WITHOUT INTERESTS IN POSSESSION [F205 , AND CERTAIN SETTLEMENTS IN WHICH INTERESTS IN POSSESSION SUBSIST]
      • Interpretation
      • Principal charge to tax
      • Rates of principal charge
      • Special cases—charges to tax
      • Special cases—reliefs
      • Works of art, historic buildings, etc.
      • Miscellaneous
    • CHAPTER IV. MISCELLANEOUS
  • PART IV. CLOSE COMPANIES
    • Transfers by close companies
    • Alterations of capital, etc.
    • Settled property
    • General
  • PART V. MISCELLANEOUS RELIEFS
    • CHAPTER I. BUSINESS PROPERTY
    • CHAPTER II. AGRICULTURAL PROPERTY
    • CHAPTER III. WOODLANDS
    • CHAPTER IV. TRANSFERS WITHIN THREE YEARS BEFORE DEATH
    • CHAPTER V. MISCELLANEOUS
      • Successive charges
      • Changes in distribution of deceased’s estate, etc.
      • Mutual and voidable transfers
      • Pension schemes, etc
      • Armed forces
      • Apsley House and Chevening Estate
      • Non-residents’ bank accounts
      • Double taxation relief
  • PART VI. VALUATION
    • CHAPTER I. GENERAL
    • CHAPTER II. ESTATE ON DEATH
    • CHAPTER III. SALE OF SHARES ETC. FROM DECEASED’S ESTATE
    • CHAPTER IV. SALE OF LAND FROM DECEASED’S ESTATE
  • PART VII. LIABILITY
    • General rules
    • Special cases
    • Burden of tax, etc.
  • PART VIII. ADMINISTRATION AND COLLECTION
    • Management
    • Accounts and information
    • Determinations [F528 , reviews] and appeals
    • Payment
    • Interest
    • Inland Revenue charge for unpaid tax
    • Certificates of discharge
    • Adjustments
    • Recovery of tax
    • Penalties
    • Miscellaneous
  • PART IX. MISCELLANEOUS AND SUPPLEMENTARY
    • Miscellaneous
    • Interpretation
    • Supplementary
  • Version 19/07/2011
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Introductory Text

Inheritance Tax Act 1984

1984 CHAPTER 51

An Act to consolidate provisions of Part III of the Finance Act 1975 and other enactments relating to[F1 inheritance tax] .

[31st July 1984] X1X2

Annotations:

Editorial Information

X1 A Table showing the derivation of the provisions of this consolidation Act will be found at the end of the Act. The Table has no official status.

X2 This Act is based on material edited by the Inland Revenue and the style of editing for effects prior to 1.2.1991 differs from most Acts on the Statute Law Database.

Amendments (Textual)

F1 By Finance Act 1986 s. 100(1),on and after 25July 1986the Capital Transfer Tax Act 1984may be cited as the Inheritance Tax Act 1984.

Modifications etc. (not altering text)

C1 Act modified (1.11.2004 with effect as mentioned in reg. 1 of the amending S.I.) by The Inheritance Tax (Delivery of Accounts) (Excepted Estates) Regulations 2004 (S.I. 2004/2543), reg. 7(2)

C2 Act modified (with effect in accordance with s. 195(12) of the amending Act) by Finance Act 2003 (c. 14), s. 195

C3 By Finance Act 1986 s. 100(1),on and after 25July 1986the Capital Transfer Tax Act 1984may be cited as the Inheritance Tax Act 1984.

C4 Act amended (1.5.1995 with effect in relation to transfers of value or other events occuring on or after 6.4.1995) by 1995 c. 4, s. 154(2)(3)(5)

Act modified (31.7.1998 with effect as mentioned in s. 161 of the amending Act) by 1998 c. 36, s. 161(2)(c)

C5 Act modified (16.6.2011) by The Taxation of Equitable Life (Payments) Order 2011 (S.I. 2011/1502), arts. 1(1)(2), 5

Commencement Information

I1 Act wholly in force at 1.1.1985 see s. 274(1).


PART I
GENERAL



Main charges and definitions


1 Charge on transfers.

[F2 Inheritance tax] shall be charged on the value transferred by a chargeable transfer.

Annotations:

Amendments (Textual)

F2 See Finance Act 1986 s. 100(1)and (2)—for any liability to tax arising on and after 25July 1986any reference in the legislation to capital transfer tax has effect as a reference to inheritance tax.


2 Chargeable transfers and exempt transfers.

(1) A chargeable transfer is a transfer of value which is made by an individual but is not (by virtue of Part II of this Act or any other enactment) an exempt transfer.

(2) A transfer of value made by an individual and exempt only to a limited extent—

(a) is, if all the value transferred by it is within the limit, an exempt transfer, and
(b) is, if that value is partly within and partly outside the limit, a chargeable transfer of so much of that value as is outside the limit as well as an exempt transfer of so much of that value as is within the limit.
(3) Except where the context otherwise requires, references in this Act to chargeable transfers, to their making or to the values transferred by them shall be construed as including references to occasions on which tax is chargeable under Chapter III of Part III of this Act (apart from section 79) , to their occurrence or to the amounts on which tax is then chargeable.

3 Transfers of value.

(1) Subject to the following provisions of this Part of this Act, a transfer of value is a disposition made by a person (the transferor) as a result of which the value of his estate immediately after the disposition is less than it would be but for the disposition; and the amount by which it is less is the value transferred by the transfer.

(2) For the purposes of subsection (1) above no account shall be taken of the value of excluded property which ceases to form part of a person’s estate as a result of a disposition.

(3) [F3 Where the value of a person's estate is diminished, and the value—

(a) of another person's estate, or
(b) of any settled property, other than settled property treated by section 49(1) below as property to which a person is beneficially entitled,
is increased] by the first-mentioned person’s omission to exercise a right, he shall be treated for the purposes of this section as having made a disposition at the time (or latest time) when he could have exercised the right, unless it is shown that the omission was not deliberate.
(4) Except as otherwise provided, references in this Act to a transfer of value made, or made by any person, include references to events on the happening of which tax is chargeable as if a transfer of value had been made, or, as the case may be, had been made by that person; and “transferor” shall be construed accordingly.

Annotations:

Amendments (Textual)

F3 Words in s. 3(3) substituted (22.3.2006) by Finance Act 2006 (c. 25), s. 156, Sch. 20 paras. 7, 8


[F4 3A Potentially exempt transfers.

(1) Any reference in this Act to a potentially exempt transfer is a reference to a transfer of value—

(a) which is made by an individual on or after 18th March 1986 [F5 but before 22nd March 2006] ; and
(b) which, apart from this section, would be a chargeable transfer (or to the extent to which, apart from this section, it would be such a transfer) ; and
(c) to the extent that it constitutes either a gift to another individual or a gift into an accumulation and maintenance trust or a disabled trust;
F6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
[F7 (1A) Any reference in this Act to a potentially exempt transfer is also a reference to a transfer of value—

(a) which is made by an individual on or after 22nd March 2006,
(b) which, apart from this section, would be a chargeable transfer (or to the extent to which, apart from this section, it would be such a transfer) , and
(c) to the extent that it constitutes—
(i) a gift to another individual,
(ii) a gift into a disabled trust, or
(iii) a gift into a bereaved minor's trust on the coming to an end of an immediate post-death interest.
(1B) Subsections (1) and (1A) above have effect subject to any provision of this Act which provides that a disposition (or transfer of value) of a particular description is not a potentially exempt transfer.]

(2) Subject to subsection (6) below, a transfer of value falls within subsection (1) (c) [F8 or (1A) (c) (i) ] above, as a gift to another individual,—

(a) to the extent that the value transferred is attributable to property which, by virtue of the transfer, becomes comprised in the estate of that other individual, . . . F9 , or
(b) so far as that value is not attributable to property which becomes comprised in the estate of another person, to the extent that, by virtue of the transfer, the estate of that other individual is increased, . . . F10
(3) Subject to subsection (6) below, a transfer of value falls within subsection (1) (c) above, as a gift into an accumulation and maintenance trust or a disabled trust, to the extent that the value transferred is attributable to property which, by virtue of the transfer, becomes settled property to which section 71 or 89 of this Act applies.

[F11 (3A) Subject to subsection (6) below, a transfer of value falls within subsection (1A) (c) (ii) above to the extent that the value transferred is attributable to property which, by virtue of the transfer, becomes settled property to which section 89 below applies.

(3B) A transfer of value falls within subsection (1A) (c) (iii) above to the extent that the value transferred is attributable to settled property (whenever settled) that becomes property to which section 71A below applies in the following circumstances—

(a) under the settlement, a person (“L”) is beneficially entitled to an interest in possession in the settled property,
(b) the interest in possession is an immediate post-death interest,
(c) on or after 22nd March 2006, but during L's life, the interest in possession comes to an end,
(d) L is beneficially entitled to the interest in possession immediately before it comes to an end, and
(e) on the interest in possession coming to an end, the property—
(i) continues to be held on the trusts of the settlement, and
(ii) becomes property to which section 71A below applies.]
(4) A potentially exempt transfer which is made seven years or more before the death of the transferor is an exempt transfer and any other potentially exempt transfer is a chargeable transfer.

(5) During the period beginning on the date of a potentially exempt transfer and ending immediately before—

(a) the seventh anniversary of that date, or
(b) if it is earlier, the death of the transferor,
it shall be assumed for the purposes of this Act that the transfer will prove to be an exempt transfer.
(6) Where, under any provision of this Act F12 . . . tax is in any circumstances to be charged as if a transfer of value had been made, that transfer shall be taken to be a transfer which is not a potentially exempt transfer.]

[F13 (6A) The reference in subsection (6) above to any provision of this Act does not include section 52 below except where the transfer of value treated as made by that section is one treated as made on the coming to an end of an interest which falls within section 5(1B) below.]

[F14 (7) In the application of this section to an event on the happening of which tax is chargeable under section 52 below, the reference in subsection (1) (a) [F15 or (1A) (a) ] above to the individual by whom the transfer of value is made is a reference to the person who, by virtue of section 3(4) above, is treated as the transferor.]

Annotations:

Amendments (Textual)

F4 Finance Act 1986 Sch. 19 para. 1,in relation to transfers of value made on or after 18March 1986.

F5 Words in s. 3A(1)(a) inserted (22.3.2006) by Finance Act 2006 (c. 25), s. 156, Sch. 20 paras. 7, 9(2)

F6 Words in s. 3A(1) repealed (22.3.2006) by Finance Act 2006 (c. 25), s. 178, {Sch. 26 Pt. 6 Note 1}

F7 S. 3A(1A)(1B) inserted (22.3.2006) by Finance Act 2006 (c. 25), s. 156, Sch. 20 paras. 7, 9(3)

F8 Words in s. 3A(2) inserted (22.3.2006) by Finance Act 2006, s. 156, Sch. 20 paras. 7, {9(4)}

F9 Repealed by Finance Act 1987 (No. 2) s. 96(2)(a)and Sch. 9 Part III,with effect from 17March 1987.

F10 Repealed by Finance Act 1987 (No. 2) s. 96(2)(b)and Sch. 9 Part IIIwith effect from 17March 1987.

F11 S. 3A(3A)(3B) inserted (22.3.2006) by Finance Act 2006 (c. 25), s. 156, Sch. 20 paras. 7, 9(5)

F12 Words in s. 3A(6) omitted (with effect as mentioned in s. 53(10) of the amending Act) by virtue of Finance Act 2010 (c. 13), s. 53(2)(a)

F13 S. 3A(6A) inserted (with effect as mentioned in s. 53(10) of the amending Act) by Finance Act 2010 (c. 13), s. 53(2)(b)

F14 Finance Act 1987 (No. 2) s. 96(1), (3),in relation to transfers of value made on or after 17March 1987.

F15 Words in s. 3A(7) inserted (22.3.2006) by Finance Act 2006 (c. 25), s. 156, Sch. 20 paras. 7, 9(6)


4 Transfers on death.

(1) On the death of any person tax shall be charged as if, immediately before his death, he had made a transfer of value and the value transferred by it had been equal to the value of his estate immediately before his death.

(2) For the purposes of this section, where it cannot be known which of two or more persons who have died survived the other or others they shall be assumed to have died at the same instant.

5 Meaning of estate.

(1) For the purposes of this Act a person’s estate is the aggregate of all the property to which he is beneficially entitled, [F16 except that—

(a) the estate of a person—
(i) does not include an interest in possession in settled property to which section 71A or 71D below applies, and
(ii) does not include an interest in possession that falls within subsection (1A) below [F17 unless it falls within subsection (1B) below] , and
(b) the] estate of a person immediately before his death does not include excluded property [F18 or a foreign-owned work of art which is situated in the United Kingdom for one or more of the purposes of public display, cleaning and restoration (and for no other purpose).]
[F19 (1A) An interest in possession falls within this subsection if—

(a) it is an interest in possession in settled property,
(b) the settled property is not property to which section 71A or 71D below applies,
(c) the person is beneficially entitled to the interest in possession,
(d) the person became beneficially entitled to the interest in possession on or after 22nd March 2006, and
(e) the interest in possession is—
(i) not an immediate post-death interest,
(ii) not a disabled person's interest, and
(iii) not a transitional serial interest.]
[F20 (1B) An interest in possession falls within this subsection if the person—

(a) was domiciled in the United Kingdom on becoming beneficially entitled to it, and
(b) became beneficially entitled to it by virtue of a disposition which was prevented from being a transfer of value by section 10 below.]
(2) A person who has a general power which enables him, or would if he were sui juris enable him, to dispose of any property other than settled property, or to charge money on any property other than settled property, shall be treated as beneficially entitled to the property or money; and for this purpose “general power” means a power or authority enabling the person by whom it is exercisable to appoint or dispose of property as he thinks fit.

(3) In determining the value of a person’s estate at any time his liabilities at that time shall be taken into account, except as otherwise provided by this Act.

(4) The liabilities to be taken into account in determining the value of a transferor’s estate immediately after a transfer of value include his liability for [F21 inheritance tax] on the value transferred but not his liability (if any) for any other tax or duty resulting from the transfer.

(5) Except in the case of a liability imposed by law, a liability incurred by a transferor shall be taken into account only to the extent that it was incurred for a consideration in money or money’s worth.

Annotations:

Amendments (Textual)

F16 Words in s. 5(1) substituted (22.3.2006) by Finance Act 2006 (c. 25), s. 156, Sch. 20 para. 7, 10(2)

F17 Words in s. 5(a)(ii) inserted (with effect as mentioned in s. 53(10) of the amending Act) by Finance Act 2010 (c. 13), s. 53(3)(a)

F18 Words in s. 5(1)(b) inserted (6.4.2009 with effect as mentioned in art. 13(5) of the amending S.I.) by The Enactment of Extra-Statutory Concessions Order 2009 (S.I. 2009/730), art. 13(2)

F19 S. 5(1A) inserted (22.3.2006) by Finance Act 2006 (c. 25), s. 156, Sch. 20 paras. 7, 10(3)

F20 S. 5(1B) inserted (with effect as mentioned in s. 53(10) of the amending Act) by Finance Act 2010 (c. 13), s. 53(3)(b)

F21 See Finance Act 1986 s. 100(1)and (2)—for any liability to tax arising on and after 25July 1986any reference in the legislation to capital transfer tax has effect as a reference to inheritance tax.


6 Excluded property.

(1) Property situated outside the United Kingdom is excluded property if the person beneficially entitled to it is an individual domiciled outside the United Kingdom.

[F22 (1A) A holding in an authorised unit trust and a share in an open-ended investment company is excluded property if the person beneficially entitled to it is an individual domiciled outside the United Kingdom.]

[F23 (1B) A decoration or other award is excluded property if—

(a) it was awarded for valour or gallant conduct, and
(b) it has never been the subject of a disposition for a consideration in money or money's worth.
(1C) In subsection (1B) the reference to a disposition of the decoration or other award includes—

(a) a reference to a disposition of part of it, and
(b) a reference to a disposition of an interest in it (or in part of it).]
(2) Where securities have been issued by the Treasury subject to a condition authorised by section 22 of the M1 Finance (No. 2) Act 1931 (or section 47 of the M2 Finance (No. 2) Act 1915) for exemption from taxation so long as the securities are in the beneficial ownership of persons [F24 of a description specified in the condition] , the securities are excluded property if they are in the beneficial ownership of such a person.

(3) Where the person beneficially entitled to the rights conferred by any of the following, namely—

(a) war savings certificates;
(b) national savings certificates (including Ulster savings certificates) ;
(c) premium savings bonds;
(d) deposits with the National Savings Bank or with a trustee savings bank;
(e) a [F25 certified SAYE savings arrangement] within the meaning of [F26 section 703(1) of the Income Tax (Trading and Other Income) Act 2005] ;
is domiciled in the Channel Islands or the Isle of Man, the rights are excluded property.
(4) Property to which this subsection applies by virtue of section 155(1) below is excluded property.

Annotations:

Amendments (Textual)

F22 S. 6(1A) inserted (with effect as stated in s. 186(8) of the amending Act) by Finance Act 2003 (c. 14), s. 186(2)

F23 S. 6(1B)(1C) inserted (6.4.2009 with effect as mentioned in art. 14(2) of the amending S.I.) by The Enactment of Extra-Statutory Concessions Order 2009 (S.I. 2009/730, art. 14(1)

F24 Words in s. 6(2) substituted (29.4.1996 with effect as mentioned in s. 154(9) of the amending Act) by 1996 c. 8, s. 154(7), Sch. 28 para. 7 (with s. 154(5))

F25 Words in s. 6(3)(e) substituted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), ss. 882, 883, Sch. 1 para. 394(a) (with Sch. 2)

F26 Words in s. 6(3)(e) substituted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), ss. 882, 883, Sch. 1 para. 394(b) (with Sch. 2)

Marginal Citations

M1 1931 c. 49.

M2 1915 c. 89.


Rates


7 Rates.

(1) [F27 Subject to subsections (2) , (4) and (5) below] the tax charged on the value transferred by a chargeable transfer made by any transferor shall be charged at the following rate or rates, that is to say—

(a) if the transfer is the first chargeable transfer made by that transferor in the period of [F28 seven years] ending with the date of the transfer, at the rate or rates applicable to that value under the . . . F29 Table in Schedule 1 to this Act;
(b) in any other case, at the rate or rates applicable under that Table to such part of the aggregate of—
(i) that value, and
(ii) the values transferred by previous chargeable transfers made by him in that period,
as is the highest part of that aggregate and is equal to that value.
[F30 (2) Except as provided by subsection (4) below, the tax charged on the value transferred by a chargeable transfer made before the death of the transferor shall be charged at one-half of the rate or rates referred to in subsection (1) above.]

(3) In [F31 the Table] in Schedule 1 to this Act any rate shown in the third column is that applicable to such portion of the value concerned as exceeds the lower limit shown in the first column but does not exceed the upper limit (if any) shown in the second column.

[F32 (4) Subject to subsection (5) below, subsection (2) above does not apply in the case of a chargeable transfer made at any time within the period of seven years ending with the death of the transferor but, in the case of a chargeable transfer made within that period but more than three years before the death, the tax charged on the value transferred shall be charged at the following percentage of the rate or rates referred to in subsection (1) above—

(a) where the transfer is made more than three but not more than four years before the death, 80 per cent;
(b) where the transfer is made more than four but not more than five years before the death, 60 per cent;
(c) where the transfer is made more than five but not more than six years before the death, 40 per cent; and
(d) where the transfer is made more than six but not more than seven years before the death, 20 per cent.
(5) If, in the case of a chargeable transfer made before the death of the transferor, the tax which would fall to be charged in accordance with subsection (4) above is less than the tax which would have been chargeable (in accordance with subsection (2) above) if the transferor had not died within the period of seven years beginning with the date of the transfer, subsection (4) above shall not apply in the case of that transfer.]

Annotations:

Amendments (Textual)

F27 Finance Act 1986 Sch. 19, para. 2(1)(a),with effect from 18March 1986.

F28 Finance Act 1986 Sch. 19, para. 2(1)(b),with effect from 18March 1986.Originally

“ten years”.

F29 Repealed by Finance Act 1986 s. 101(3)and Sch. 19, para. 2(1)(c),with effect from 18March 1986.

F30 Finance Act 1986 Sch. 19, para. 2(2),with effect from 18March 1986.Originally

“(2) Except as otherwise provided, the first Table in Schedule 1 to this Act is the appropriate Table for a transfer made on or at any time within three years of the death of the transferor, and the second Table in that Schedule is the appropriate Table for any other transfer.”

F31 Finance Act 1986 Sch. 19, para. 2(3),with effect from 18March 1986.Originally

“each of the Tables”.

F32 Finance Act 1986 Sch. 19, para. 2(4),with effect from 18March 1986.


8 Indexation of rate bands.

(1) If the retail prices index for the month of [F33 September in 1993] or any later year is higher than it was for the [F33 previous September] , then, unless Parliament otherwise determines, section 7 above and Schedule 1 to this Act shall apply to chargeable transfers made on or after 6th April in the following year with the substitution of [F34 a new Table for the Table] applying (whether by virtue of this section or otherwise) to earlier chargeable transfers.

(1A). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F35

(2) The new [F36 Table] shall differ from the [F36 Table] it replaces in that for each of the amounts specified in the first and second columns there shall be substituted amounts arrived at by increasing the previous amounts by the same percentage as the percentage increase in the retail prices index and, if the result is not a multiple of £1,000, rounding it up to the nearest amount which is such a multiple.

(3) The references in this section to the retail prices index are references to the general index of retail prices (for all items) published by the [F37 Statistics Board] ; and if that index is not published for a month of [F33 September] those references shall be construed as references to any substituted index or index figures published by [F38 the Board] .

(4) The Treasury shall before 6th April [F33 1994] and each subsequent 6th April make an order specifying the amounts which by virtue of this section will be treated, in relation to chargeable transfers on or after that date, as specified in the [F39 Table] in Schedule 1 to this Act; and any such order shall be made by statutory instrument.

Annotations:

Amendments (Textual)

F33 Words in s. 8(1)(3)(4) substituted (27.7.1993: the substituting section applying in relation to chargeble transfers made on or after 6.4.1994) by 1993 c. 34, s. 197(1)(2).

F34 Finance Act 1986 Sch. 19, para. 3(1),with effect from 18March 1986.Originally

“new Tables for the Tables”.

F35 Finance Act 1986 Sch. 19, para. 3(2),with effect from 18March 1986.repealed by 1988, s. 136(3)and Sch.14, Part Xwith effect from 15March 1988.

F36 Finance Act 1986 Sch. 19, para. 3(3),with effect from 18March 1986.Originally

“Tables”.

F37 Words in s. 8(3) substituted (1.4.2008) by Statistics and Registration Service Act 2007 (c. 18), ss. 60(1), 74, Sch. 3 para. 3(a); S.I. 2008/839, art. 2

F38 Words in s. 8(3) substituted (1.4.2008) by Statistics and Registration Service Act 2007 (c. 18), ss. 60(1), 74, Sch. 3 para. 3(b); S.I. 2008/839, art. 2

F39 Finance Act 1986 Sch. 19, para. 3(4),with effect from 18March 1986.Originally

“Tables”.

Modifications etc. (not altering text)

C6 S. 8(1) restricted (7.4.2005) by Finance Act 2005 (c. 7), s. 98(6)

C7 S. 8(1) excluded (19.7.2006) by Finance Act 2006 (c. 25), s. 155(5)

C8 S. 8 restricted (19.3.1997 with effect as mentioned in s. 93(2) of the amending Act) by 1997 c. 16, s. 93(2)

C9 S. 8 restricted (8.4.2010) by Finance Act 2010 (c. 13), s. 8(3)

C10 S. 8(1) excluded (16.7.1992) by Finance (No. 2) Act 1992 (c. 48), s. 72(2).

S. 8(1) excluded (27.7.1993) by 1993 c. 34, s. 196.

S. 8(1) excluded (3.5.1994 with effect as mentioned in s. 246 of the amending Act) by 1994 c. 9, s. 246

C11 S. 8(1) restricted (24.7.2002) by 2002 c. 23, s. 118(2)


[F40 8A Transfer of unused nil-rate band between spouses and civil partners

(1) This section applies where—

(a) immediately before the death of a person (a “deceased person”) , the deceased person had a spouse or civil partner (“the survivor”) , and
(b) the deceased person had unused nil-rate band on death.
(2) A person has unused nil-rate band on death if—



where—
M is the maximum amount that could be transferred by a chargeable transfer made (under section 4 above) on the person's death if it were to be wholly chargeable to tax at the rate of nil per cent. (assuming, if necessary, that the value of the person's estate were sufficient but otherwise having regard to the circumstances of the person) ; and
VT is the value actually transferred by the chargeable transfer so made (or nil if no chargeable transfer is so made).
(3) Where a claim is made under this section, the nil-rate band maximum at the time of the survivor's death is to be treated for the purposes of the charge to tax on the death of the survivor as increased by the percentage specified in subsection (4) below (but subject to subsection (5) and section 8C below).

(4) That percentage is—



where—
E is the amount by which M is greater than VT in the case of the deceased person; and
NRBMD is the nil-rate band maximum at the time of the deceased person's death.
(5) If (apart from this subsection) the amount of the increase in the nil-rate band maximum at the time of the survivor's death effected by this section would exceed the amount of that nil-rate band maximum, the amount of the increase is limited to the amount of that nil-rate band maximum.

(6) Subsection (5) above may apply either—

(a) because the percentage mentioned in subsection (4) above (as reduced under section 8C below where that section applies) is more than 100 because of the amount by which M is greater than VT in the case of one deceased person, or
(b) because this section applies in relation to the survivor by reference to the death of more than one person who had unused nil-rate band on death.
(7) In this Act “nil-rate band maximum” means the amount shown in the second column in the first row of the Table in Schedule 1 to this Act (upper limit of portion of value charged at rate of nil per cent.) and in the first column in the second row of that Table (lower limit of portion charged at next rate).

Annotations:

Amendments (Textual)

F40 Ss. 8A-8C inserted (with effect as mentioned in Sch. 4 para. 9(1) of the amending Act) by Finance Act 2008 (c. 9), s. 10, Sch. 4 para. 2 (with transitional modifications in Sch. 4 paras. 10, 11)


8B Claims under section 8A

(1) A claim under section 8A above may be made—

(a) by the personal representatives of the survivor within the permitted period, or
(b) (if no claim is so made) by any other person liable to the tax chargeable on the survivor's death within such later period as an officer of Revenue and Customs may in the particular case allow.
(2) If no claim under section 8A above has been made in relation to a person (P) by reference to whose death that section applies in relation to the survivor, the claim under that section in relation to the survivor may include a claim under that section in relation to P if that does not affect the tax chargeable on the value transferred by the chargeable transfer of value made on P's death.

(3) In subsection (1) (a) above “the permitted period” means—

(a) the period of two years from the end of the month in which the survivor dies or (if it ends later) the period of three months beginning with the date on which the personal representatives first act as such, or
(b) such longer period as an officer of Revenue and Customs may in the particular case allow.
(4) A claim made within either of the periods mentioned in subsection (3) (a) above may be withdrawn no later than one month after the end of the period concerned.

Annotations:

Amendments (Textual)

F40 Ss. 8A-8C inserted (with effect as mentioned in Sch. 4 para. 9(1) of the amending Act) by Finance Act 2008 (c. 9), s. 10, Sch. 4 para. 2 (with transitional modifications in Sch. 4 paras. 10, 11)