78 Conditionally exempt occasions
Inheritance Tax Act 1984 (1984 c 51) | Legislation

78  Conditionally exempt occasions

(1)     A transfer of property or other event shall not constitute an occasion on which tax is chargeable under any provision of this Chapter other than section 64 if the property in respect of which the charge would have been made has been comprised in the settlement throughout the six years ending with the transfer or event, and—

(a)     the property is, on a claim made for the purpose, designated by the Treasury under section 31 above, and

(b)     the requisite undertaking described in that section is given with respect to the property by such person as the Treasury think appropriate in the circumstances of the case [or (where the property is an area of land within subsection (1)(d) of that section) the requisite undertakings described in that section are given with respect to the property by such person or persons as the Treasury think appropriate in the circumstances of the case].

[(1A)     A claim under subsection (1) above must be made no more than two years after the date of the transfer or other event in question or within

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