SCHEDULE 15 Inheritance Tax: Increased Nil-Rate Band
Finance Act 2016 (2016 c 24) | Legislation

SCHEDULE 15 Inheritance Tax: Increased Nil-Rate Band

Section 93

1

IHTA 1984 is amended as follows.

2

(1)     Section 8D (extra nil-rate band on death if interest in home goes to descendants etc) is amended as follows.

(2)     In subsection (4), after “8G†insert “(and see also section 8M)â€.

(3)     In subsection (9), before the definition of “tax year†insert—

““consumer prices index†means the all items consumer prices index published by the Statistics Board,â€.

3

(1)     Section 8E (residence nil-rate amount: interest in home goes to descendants etc) is amended as follows.

(2)     In subsection (6), after “(7)†insert “and sections 8FC and 8M(2B) to (2E)â€.

(3)     In subsection (7), for paragraphs (a) and (b) substitute—

“(a)     the person's residence nil-rate amount is equal to VT,

(b)     where E is less than or equal to TT, an amount, equal to the difference between VT and the person's default allowance, is available for carry-forward, and

(c)     where E is greater than TT, an amount, equal to the difference between VT and the person's adjusted allowance, is available for carry-forward.â€

(4)     In subsection (8)—

(a)     before the entry for section 8H insert—

“section 8FC (modifications

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