Section 27 — Inheritance Tax Act 1984: Maintenance funds for historic buildings, etc.

Maintenance funds for historic buildings, etc. 27 1 Subject to subsection (1A) below, a transfer of value is an exempt transfer to the extent that the value transferred by it is attributable to property which by virtue of the transfer becomes comprised in a settlement and in respect of which—

a a direction under paragraph 1 of Schedule 4 to this Act has effect at the time of the transfer, or b such a direction is given after the time of the transfer. 1A Subsection (1) above does not apply in the case of a direction given after the time of the transfer unless the claim for the direction (if it is not made before that time) is made no more than two years after the date of that transfer, or within such longer period as the Board may allow.

2 Subsections (2) and (3) of the section 23 and subsection (4) of section 24 above shall apply in relation to subsection (1) above as they apply in relation to section 24(1).

3 To the extent that the value transferred by a transfer of value made on the death of a member of a pension scheme is attributable to the member’s notional pension property—

a the value transferred is treated for the purposes of this section as also attributable to any property—

i that on the death of the member is given under the scheme to a person and becomes comprised in a settlement, and ii in respect of which the condition in subsection (1)(a) or (b) is met, and b section 23(2) does not (despite subsection (2)) apply in relation to subsection (1).