[124A Transfers within seven years before death of transferor]
Inheritance Tax Act 1984 (1984 c 51) | Legislation

[124A  Transfers within seven years before death of transferor]

[(1)     Where any part of the value transferred by a potentially exempt transfer which proves to be a chargeable transfer would (apart from this section) be reduced in accordance with the preceding provisions of this Chapter, it shall not be so reduced unless the conditions in subsection (3) below are satisfied.

(2)     Where—

(a)     any part of the value transferred by any chargeable transfer, other than a potentially exempt transfer, is reduced in accordance with the preceding provisions of this Chapter, and

(b)     the transfer is made within seven years of the death of the transferor,

then, unless the conditions in subsection (3) below are satisfied, the additional tax chargeable by reason of the death shall be calculated as if the value transferred had not been so reduced.

(3)     The conditions referred to in subsections (1) and (2) above are—

(a)     that the original property was owned by

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