67 Provisions applicable where section 79 of the Finance Act 1980 has applied
Taxation of Chargeable Gains Act 1992 (1992 c 12) | Legislation

67  Provisions applicable where section 79 of the Finance Act 1980 has applied

(1)     In this section “a claim” means a claim under section 79 of the Finance Act 1980 (“section 79”) and “relief” means relief under that section (which provided general relief for gifts).

(2)     Where a disposal in respect of which a claim is or has been made is or proves to be a chargeable transfer for inheritance tax purposes, there shall be allowed as a deduction in computing (for capital gains tax purposes) the chargeable gain accruing to the transferee on the disposal of the asset in question an amount equal to whichever is the lesser of—

(a)     the inheritance tax attributable to the value of the asset; and

(b)     the amount of the chargeable gain as computed apart from this subsection;

and

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