Inheritance Tax Act 1984
Sections and provisions with full text and the judgments that cite each one.
Section 84 — Income applied for charitable purposes.
Income applied for charitable purposes. 84 For the purposes of this Chapter (except sections 78 and 79) where the trusts on which settled property is held require part of the income of the property…
Section 85 — Credit for annual charges under Finance Act 1975.
Credit for annual charges under Finance Act 1975. 85 Any tax charged under paragraph 12(2) of Schedule 5 to the Finance Act 1975 and not already allowed as a credit under paragraph 12(3) of that…
Section 86 — Trusts for benefit of employees.
Trusts for benefit of employees. 86 1 Where settled property is held on trusts which, either indefinitely or until the end of a period (whether defined by a date or in some other way) do not permit…
Section 87 — Newspaper trusts.
Newspaper trusts. 87 1 In relation to property comprised in a settlement to which this section applies, section 86 above shall have effect as if newspaper publishing companies were included among the…
Section 88 — Protective trusts.
Protective trusts. 88 1 This section applies to settled property (other than property to which section 73 above applies) which is held on trusts to the like effect as those specified in section 33(1)…
Section 89 — Trusts for disabled persons.
Trusts for disabled persons. 89 1 This section applies to settled property transferred into settlement after 9th March 1981 and held on trusts— a under which, during the life of a disabled person, no…
Section 89A — Self-settlement by person expected to fall within the definition of “disabled person”
Self-settlement by person expected to fall within the definition of “disabled person” 89A 1 This section applies to property transferred by a person (“A”) into settlement on or after 22nd March 2006…
Section 89B — Meaning of “disabled person's interest”
Meaning of “disabled person's interest” 89B 1 In this Act “ disabled person's interest ” means— a an interest in possession to which a person is under section 89(2) above treated as beneficially…
Section 89C — Disabled person's interest: powers of advancement etc
Disabled person's interest: powers of advancement etc 89C 1 The trusts on which settled property is held are not to be treated for the purposes of section 89B(1)(c) or (d) (meaning of “disabled…
Section 90 — Trustees’ annuities, etc.
Trustees’ annuities, etc. 90 Where under the terms of a settlement a person is entitled by way of remuneration for his services as trustee to an interest in possession in property comprised in the…
Section 91 — Administration period.
Administration period. 91 1 Where a person would have been entitled to an interest in possession in the whole or part of the residue of the estate of a deceased person had the administration of that…
Section 92 — Survivorship clauses.
Survivorship clauses. 92 1 Where under the terms of a will or otherwise property is held for any person on condition that he survives another for a specified period of not more than six months, this…
Section 93 — Disclaimers.
Disclaimers. 93 Where a person becomes entitled to an interest in settled property but disclaims the interest, then, if the disclaimer is not made for a consideration in money or money’s worth, this…
Section 94 — Charge on participators.
Charge on participators. 94 1 Subject to the following provisions of this Part of this Act, where a close company makes a transfer of value, tax shall be charged as if each individual to whom an…
Section 95 — Participator in two companies.
Participator in two companies. 95 1 Where— a the value of the estate of a company (“the transferee company”) is increased as the result of a transfer of value made by a close company (“the transferor…
Section 96 — Preference shares disregarded.
Preference shares disregarded. 96 Where part of a close company’s share capital consists of preference shares (within the meaning of section 1023(5) of the Corporation Tax Act 2010 ) and a transfer…
Section 97 — Transfers within group, etc.
Transfers within group, etc. 97 1 Where a close company (“the transferor company”) is a member, but not the principal company , of a group and— a there is— i a disposal of an asset by the transferor…
Section 98 — Effect of alterations of capital, etc
Effect of alterations of capital, etc 98 1 Where there is at any time— a an alteration in so much of a close company’s share or loan capital as does not consist of quoted shares or quoted securities…
Section 99 — Transfers where participators are trustees.
Transfers where participators are trustees. 99 1 Subsection (1) of section 94 above shall not apply in relation to a person who is a participator in his capacity as trustee of a settlement, but— a…
Section 100 — Alterations of capital, etc. where participators are trustees.
Alterations of capital, etc. where participators are trustees. 100 1 This section applies where, by virtue of section 98 above, an alteration in a close company’s share or loan capital or of any…
Section 101 — Companies interests in settled property.
Companies interests in settled property. 101 1 Where a close company is entitled to an interest in possession in settled property the persons who are participators in relation to the company shall be…
Section 102 — Interpretation.
Interpretation. 102 1 In this Part of this Act— “ close company ” means a company within the meaning of the Corporation Tax Acts which is (or would be if resident in the United Kingdom) a close…
Section 103
103 1 In this Chapter references to a transfer of value include references to an occasion on which tax is chargeable under Chapter III of Part III of this Act (apart from section 79), and a…
Section 104 — The relief.
The relief. 104 1 Where the whole or part of the value transferred by a transfer of value is attributable to the value of any relevant business property, the whole or that part of the value…
Section 105 — Relevant business property.
Relevant business property. 105 1 Subject to the following provisions of this section and to sections 106, 108, ..., 112(3) and 113 below, in this Chapter “ relevant business property ” means, in…
Section 106 — Minimum period of ownership.
Minimum period of ownership. 106 Property is not relevant business property in relation to a transfer of value unless it was owned by the transferor throughout the two years immediately preceding the…
Section 107 — Replacements.
Replacements. 107 1 Property shall be treated as satisfying the condition in section 106 above if— a it replaced other property and it, that other property and any property directly or indirectly…
Section 108 — Successions.
Successions. 108 For the purposes of sections 106 and 107 above, where the transferor became entitled to any property on the death of another person— a he shall be deemed to have owned it from the…
Section 109 — Successive transfers.
Successive transfers. 109 1 Where— a the whole or part of the value transferred by a transfer of value (in this section referred to as the earlier transfer) was eligible for relief under this Chapter…
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Section 110 — Value of business.
Value of business. 110 For the purposes of this Chapter— a the value of a business or of an interest in a business shall be taken to be its net value; b the net value of a business is the value of…
Section 111 — Value of certain shares and securities.
Value of certain shares and securities. 111 Where a company is a member of a group and the business of any other company which is a member of the group falls within section 105(3) above, then, unless…
Section 112 — Exclusion of value of excepted assets.
Exclusion of value of excepted assets. 112 1 In determining for the purposes of this Chapter what part of the value transferred by a transfer of value is attributable to the value of any relevant…
Section 113 — Contracts for sale.
Contracts for sale. 113 Where any property would be relevant business property in relation to a transfer of value but a binding contract for its sale has been entered into at the time of the…
Section 113A — Transfers within seven years before death of transferor.
Transfers within seven years before death of transferor. 113A 1 Where any part of the value transferred by a potentially exempt transfer which proves to be a chargeable transfer would (apart from…
Section 113B — Application of section 113A to replacement property.
Application of section 113A to replacement property. 113B 1 Subject to subsection (2) below, this section applies where— a the transferee has disposed of all or part of the original property before…
Section 114 — Avoidance of double relief.
Avoidance of double relief. 114 1 Where any part of the value transferred by a transfer of value is reduced under Chapter II of this Part of this Act by reference to the agricultural value of any…
Section 115 — Preliminary.
Preliminary. 115 1 In this Chapter references to a transfer of value include references to an occasion on which tax is chargeable under Chapter III of Part III of this Act (apart from section 79)…
Section 116 — The relief.
The relief. 116 1 Where the whole or part of the value transferred by a transfer of value is attributable to the agricultural value of agricultural property, the whole or that part of the value…
Section 117 — Minimum period of occupation or ownership.
Minimum period of occupation or ownership. 117 Subject to the following provisions of this Chapter, section 116 above does not apply to any agricultural property unless— a it was occupied by the…
Section 118 — Replacements.
Replacements. 118 1 Where the agricultural property occupied by the transferor on the date of the transfer replaced other agricultural property, the condition stated in section 117(a) above shall be…
Section 119 — Occupation by company or partnership.
Occupation by company or partnership. 119 1 For the purposes of sections 117 and 118 above, occupation by a company which is controlled by the transferor shall be treated as occupation by the…
Section 120 — Successions.
Successions. 120 1 For the purposes of section 117 above, where the transferor became entitled to any property on the death another person— a he shall be deemed to have owned it (and, if he…
Section 121 — Successive transfers.
Successive transfers. 121 1 Where— a the whole or part of the value transferred by a transfer of value (in this section referred to as the earlier transfer) was eligible for relief under this Chapter…
Section 122 — Agricultural property of companies.
Agricultural property of companies. 122 1 Where the whole or part of the value transferred is attributable to the value of shares in or securities of a company it shall be taken for the purposes of…
Section 123 — Provisions supplementary to section 122.
Provisions supplementary to section 122. 123 1 Section 116 above shall not apply by virtue of section 122(1) above unless— a the agricultural property— i was occupied by the company for the purposes…
Section 124 — Contracts for sale.
Contracts for sale. 124 1 Section 116 above shall not apply to agricultural property if at the time of the transfer the transferor has entered into a binding contract for its sale, except where the…
Section 124A — Transfers within seven years before death of transferor.
Transfers within seven years before death of transferor. 124A 1 Where any part of the value transferred by a potentially exempt transfer which proves to be a chargeable transfer would (apart from…
Section 124B — Application of section 124A to replacement property.
Application of section 124A to replacement property. 124B 1 Subject to subsection (2) below, this section applies where— a the transferee has disposed of all or part of the original property before…
Section 124C — Environmental management agreements
Environmental management agreements 124C 1 For the purposes of this Chapter, land is to be treated as agricultural property occupied for the purposes of agriculture if— a the land was agricultural…