Inheritance Tax Act 1984
Sections and provisions with full text and the judgments that cite each one.
Section 55A — Purchased settlement powers
Purchased settlement powers 55A 1 Where a person makes a disposition by which he acquires a settlement power for consideration in money or money’s worth— a section 10(1) above shall not apply to the…
Section 56 — Exclusion of certain exemptions.
Exclusion of certain exemptions. 56 1 Sections 18 and 23 to 27 above shall not apply in relation to property which is given in consideration of the transfer of a reversionary interest if, by virtue…
Section 57 — Application of certain exemptions.
Application of certain exemptions. 57 1 Subject to subsection (3) below, references to transfers of value in sections 19 and 22 above shall be construed as including references to events on the…
Section 57A — Relief where property enters maintenance fund.
Relief where property enters maintenance fund. 57A 1 Subject to the following provisions, subsection (2) below applies where— a a person dies who immediately before his death was beneficially…
Section 58 — Relevant property.
Relevant property. 58 1 In this Chapter “ relevant property ” means settled property in which no qualifying interest in possession subsists, other than— a property held for charitable purposes only,…
Section 59 — Qualifying interest in possession.
Qualifying interest in possession. 59 1 In this Chapter “ qualifying interest in possession ” means— a an interest in possession— i to which an individual is beneficially entitled, and ii which, if…
Section 60 — Commencement of settlement.
Commencement of settlement. 60 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 61 — Ten-year anniversary.
Ten-year anniversary. 61 1 In this Chapter “ ten-year anniversary ” in relation to a settlement means the tenth anniversary of the date on which the settlement commenced and subsequent anniversaries…
Section 62 — Related settlements.
Related settlements. 62 1 For the purposes of this Chapter two settlements are related if and only if— a the settlor is the same in each case, and b they commenced on the same day, but subject to…
Section 62A — Same-day additions
Same-day additions 62A 1 For the purposes of this Chapter, there is a “ same-day addition ”, in relation to a settlement (“settlement A”), if— a there is a transfer of value by a person as a result…
Section 62B — Same day additions: exceptions
Same day additions: exceptions 62B 1 There is not a same-day addition for the purposes of this Chapter if any of the following conditions is met— a immediately after the transfer of value mentioned…
Section 62C — Protected settlements
Protected settlements 62C 1 For the purposes of this Chapter, a settlement is a “protected settlement” if it commenced before 10 December 2014 and either condition A or condition B is met. 2…
Section 63 — Minor interpretative provisions.
Minor interpretative provisions. 63 In this Chapter, unless the context otherwise requires— “ payment ” includes a transfer of assets other than money; “ quarter ” means period of three months.
Section 64 — Charge at ten-year anniversary.
Charge at ten-year anniversary. 64 1 Where immediately before a ten-year anniversary all or any part of the property comprised in a settlement is relevant property, tax shall be charged at the rate…
Section 65 — Charge at other times.
Charge at other times. 65 1 There shall be a charge to tax under this section— a where the property comprised in a settlement or any part of that property ceases to be relevant property (whether…
Section 66 — Rate of ten-yearly charge.
Rate of ten-yearly charge. 66 1 Subject to subsection (2) below, the rate at which tax is charged under section 64 above at any time shall be three tenths of the effective rate (that is to say the…
Section 67 — Added property, etc.
Added property, etc. 67 1 This subsection applies where, after the settlement commenced and after 8th March 1982, but before the anniversary concerned, the settlor made a chargeable transfer as a…
Section 68 — Rate before first ten-year anniversary.
Rate before first ten-year anniversary. 68 1 The rate at which tax is charged under section 65 above on an occasion preceding the first ten-year anniversary after the settlement’s commencement shall…
Section 69 — Rate between ten-year anniversaries.
Rate between ten-year anniversaries. 69 1 Subject to subsection (2A) below, the rate at which tax is charged under section 65 above on an occasion following one or more ten-year anniversaries after…
Section 70 — Property leaving temporary charitable trusts.
Property leaving temporary charitable trusts. 70 1 This section applies to settled property held for charitable purposes only until the end of a period (whether defined by a date or in some other…
Section 71 — Accumulation and maintenance trusts.
Accumulation and maintenance trusts. 71 1 Subject to subsections (1A) to (2) below, this section applies to settled property if— a one or more persons (in this section referred to as beneficiaries)…
Section 71A — Trusts for bereaved minors
Trusts for bereaved minors 71A 1 This section applies to settled property (including property settled before 22nd March 2006) if— a it is held on statutory trusts for the benefit of a bereaved minor…
Section 71B — Charge to tax on property to which section 71A applies
Charge to tax on property to which section 71A applies 71B 1 Subject to subsections (2) , (2B) and (3) below, there shall be a charge to tax under this section— a where settled property ceases to be…
Section 71C — Sections 71A and 71B: meaning of “bereaved minor”
Sections 71A and 71B: meaning of “bereaved minor” 71C In sections 71A and 71B above “ bereaved minor ” means a person— a who has not yet attained the age of 18, and b at least one of whose parents…
Section 71D — Age 18-to-25 trusts
Age 18-to-25 trusts 71D 1 This section applies to settled property (including property settled before 22nd March 2006), but subject to subsection (5) below, if— a the property is held on trusts for…
Section 71E — Charge to tax on property to which section 71D applies
Charge to tax on property to which section 71D applies 71E 1 Subject to subsections (2) to (4A) below, there shall be a charge to tax under this section— a where settled property ceases to be…
Section 71F — Calculation of tax charged under section 71E in certain cases
Calculation of tax charged under section 71E in certain cases 71F 1 Where— a tax is charged under section 71E above by reason of the happening of an event within subsection (2) below, and b that…
Section 71G — Calculation of tax charged under section 71E in all other cases
Calculation of tax charged under section 71E in all other cases 71G 1 Where— a tax is charged under section 71E above, and b the tax does not fall to be calculated in accordance with section 71F…
Section 71H — Sections 71A to 71G: meaning of “parent”
Sections 71A to 71G: meaning of “parent” 71H 1 In sections 71A to 71G above “ parent ” includes step-parent. 2 For the purposes of sections 71A to 71G above, a deceased individual (“D”) shall be…
Section 72 — Property leaving employee trusts and newspaper trusts.
Property leaving employee trusts and newspaper trusts. 72 1 This section applies to settled property to which section 86 below applies if— a no interest in possession subsists in it to which an…
Section 73 — Pre-1978 protective trusts.
Pre-1978 protective trusts. 73 1 This section applies to settled property which is held on trusts to the like effect as those specified in section 33(1)(ii) of the Trustee Act 1925 and which became…
Section 74 — Pre-1981 trusts for disabled persons.
Pre-1981 trusts for disabled persons. 74 1 This section applies to settled property transferred into settlement before 10th March 1981 and held on trusts under which, during the life of a disabled…
Section 74A — Arrangements involving acquisition of interest in settled property etc
Arrangements involving acquisition of interest in settled property etc 74A 1 This section applies where— a one or more persons enter into arrangements, b in the course of the arrangements— i an…
Section 74B — Section 74A: supplementary provision
Section 74A: supplementary provision 74B 1 A transfer of value arising by virtue of section 74A is to be taken to be a transfer which is not a potentially exempt transfer. 2 For the purposes of…
Section 74C — Interpretation of sections 74A and 74B
Interpretation of sections 74A and 74B 74C 1 Subsections (2) to (4) have effect for the purposes of sections 74A and 74B. 2 An individual has an interest in property comprised in a settlement if— a…
Section 75 — Property becoming subject to employee trusts.
Property becoming subject to employee trusts. 75 1 Tax shall not be charged under section 65 above in respect of shares in or securities of a company which cease to be relevant property on becoming…
Section 75A — Property becoming subject to employee-ownership trust
Property becoming subject to employee-ownership trust 75A 1 Tax is not charged under section 65 in respect of shares in or securities of a company (“C”) which cease to be relevant property on…
Section 75B — Cap on charges for pre-30 October 2024 excluded property
Cap on charges for pre-30 October 2024 excluded property 75B 1 This section applies if (ignoring this section) tax is charged under section 64 (ten-year anniversary charge) or 65 (exit charge) by…
Section 76 — Property becoming held for charitable purposes, etc.
Property becoming held for charitable purposes, etc. 76 1 Tax shall not be charged under this Chapter (apart from section 79 below) in respect of property which ceases to be relevant property, or…
Section 77 — Maintenance funds for historic buildings, etc.
Maintenance funds for historic buildings, etc. 77 Schedule 4 to this Act shall have effect.
Section 78 — Conditionally exempt occasions.
Conditionally exempt occasions. 78 1 A transfer of property or other event shall not constitute an occasion on which tax is chargeable under any provision of this Chapter other than section 64 if the…
Section 79 — Exemption from ten-yearly charge.
Exemption from ten-yearly charge. 79 1 Where property is comprised in a settlement and there has been a conditionally exempt transfer of the property on or before the occasion on which it became…
Section 79A — Variation of undertakings.
Variation of undertakings. 79A 1 An undertaking given under section 78 or 79 above may be varied from time to time by agreement between the Board and the person bound by the undertaking. 2 Where the…
Section 80 — Initial interest of settlor or spouse or civil partner .
Initial interest of settlor or spouse or civil partner . 80 1 Where a settlor or his spouse or civil partner is beneficially entitled to a qualifying interest in possession in property immediately…
Section 81 — Property moving between settlements.
Property moving between settlements. 81 1 Where property which ceases to be comprised in one settlement becomes comprised in another then, unless in the meantime any person becomes beneficially…
Section 81A — Reversionary interests in relevant property
Reversionary interests in relevant property 81A 1 Where a reversionary interest in relevant property to which— a a person who acquired it for a consideration in money or money's worth, or b the…
Section 81B — Excluded property: property to which section 80 applies
Excluded property: property to which section 80 applies 81B 1 This section applies where— a property is treated under section 80(1) as becoming comprised in a settlement, and b the property would,…
Section 82 — Excluded property : property to which section 81 applies (old cases)
Excluded property : property to which section 81 applies (old cases) 82 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 82A — Excluded property: property to which section 81 applies (new cases)
Excluded property: property to which section 81 applies (new cases) 82A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 83 — Property becoming settled on a death.
Property becoming settled on a death. 83 Property which becomes comprised in a settlement in pursuance of a will or intestacy shall for the purposes of this Chapter be taken to have become comprised…