Part 5 Related Changes
Finance Act 2012 (2012 c 14) | Legislation

Part 5 Related Changes

IHTA 1984

26

IHTA 1984 is amended as follows.

27

In section 25 (gifts for national purposes etc), after subsection (2) insert—

“(3)     A transfer of value is an exempt transfer to the extent that the value transferred by it is attributable to property that is being transferred in the circumstances described in paragraph 1 of Schedule 14 to the Finance Act 2012 (gifts to the nation).â€

28

In section 26A (potentially exempt transfer of property subsequently held for national purposes etc), in paragraph (b), after “below†insert “or in the circumstances described in paragraph 1 of Schedule 14 to the Finance Act 2012 (gifts to the nation)â€.

29

(1)     Section 32 (conditionally exempt transfers: chargeable events) is amended as follows.

(2)     In subsection (3), for “subsections (4) and (5)†substitute “subsections (4), (4A) and (5)â€.

(3)     After subsection (4) insert—

“(4A)     A death or disposal is not a chargeable event with respect to any property if—

(a)     in the case of a death, a person who became beneficially entitled to the property on the death disposes of it in the circumstances described in paragraph 1 of Schedule

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