Statute
Section 132 — Inheritance Tax Act 1984: Wasting assets.
Text of the provision Official document
Wasting assets. 132 1 Section 131 above shall not apply if the transferred property is tangible movable property that is a wasting asset.
2 The transferred property is a wasting asset for the purposes of this section if, immediately before the chargeable transfer, it had a predictable useful life not exceeding fifty years, having regard to the purpose for which it was held by the transferor; and plant and machinery shall in every case be regarded as having a predictable useful life of less than fifty years.
Official source: legislation.gov.uk
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