Section 126 — Inheritance Tax Act 1984: Charge to tax on disposal of trees or underwood.

Charge to tax on disposal of trees or underwood. 126 1 Where under section 125 above the value of any trees or underwood has been left out of account in determining the value transferred on the death of any person, and the whole or any part of the trees or underwood is disposed of (whether together with or apart from the land on which they were growing) then, if the disposal occurs before any part of the value transferred on the death of any other person is attributable to the value of that land, tax shall be charged in accordance with sections 127 and 128 below.

2 Subsection (1) above shall not apply to a disposal made by any person to his spouse or civil partner .

3 Where tax has been charged under this section on the disposal of any trees or underwood tax shall not again be charged in relation to the same death on a further disposal of the same trees or underwood.