Inheritance Tax Act 1984
Sections and provisions with full text and the judgments that cite each one.
Section 124D — 100% relief allowance
100% relief allowance 124D 1 This section applies for the purpose of determining the amount of the 100% relief allowance available in relation to a chargeable transfer that is not an occasion on…
Section 124E — Transfer of unused 100% relief allowance
Transfer of unused 100% relief allowance 124E 1 This section applies where— a immediately before the death of a person (a “deceased person”), the deceased person had a spouse or civil partner (“the…
Section 124F — Claims under section 124E
Claims under section 124E 124F 1 A claim under section 124E may be made— a by the personal representatives of the survivor within the permitted period, or b (if no claim is so made) by any other…
Section 124G — 100% trust relief allowance (relevant property)
100% trust relief allowance (relevant property) 124G 1 This section applies for the purpose of determining the amount of the 100% trust relief allowance available in relation to an occasion on which…
Section 124H — Trust maximum allowance
Trust maximum allowance 124H 1 The trust maximum allowance for an occasion on which tax is chargeable under section 64 or 65 in relation to a settlement (“the relevant settlement”), other than a…
Section 124I — Trust maximum allowance (qualifying pre-commencement settlements)
Trust maximum allowance (qualifying pre-commencement settlements) 124I 1 The trust maximum allowance for an occasion on which tax is chargeable under section 64 or 65 in relation to a qualifying…
Section 124J — 100% trust relief allowance (special trusts)
100% trust relief allowance (special trusts) 124J 1 This section applies for the purpose of determining the amount of the 100% trust relief allowance available in relation to an occasion on which tax…
Section 124K — 100% trust relief allowance (age 18-to-25 trusts)
100% trust relief allowance (age 18-to-25 trusts) 124K 1 This section applies for the purpose of determining the amount of the 100% trust relief allowance available in relation to an occasion on…
Section 125 — The relief.
The relief. 125 1 This section applies where— a part of the value of a person’s estate immediately before his death is attributable to the value of land in the United Kingdom ... on which trees or…
Section 126 — 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…
Section 127 — Amount subject to charge.
Amount subject to charge. 127 1 The amount on which tax is charged under section 126 above on a disposal of trees or underwood shall be— a if the disposal is a sale for full consideration in money or…
Section 128 — Rate of charge.
Rate of charge. 128 1 Tax charged under section 126 above on an amount determined under section 127 above shall be charged at the rate or rates at which it would have been charged on the death first…
Section 129 — Credit for tax charged.
Credit for tax charged. 129 Where a disposal on which tax is chargeable under section 126 above is a chargeable transfer, the value transferred by it shall be calculated as if the value of the trees…
Section 130 — Interpretation.
Interpretation. 130 1 In this Chapter— a references to the value transferred on a death are references to the value transferred by the chargeable transfer made on that death; b references to the net…
Section 131 — The relief.
The relief. 131 1 Subject to section 132 below, this section applies where because of the transferor’s death within seven years of the transfer, tax becomes chargeable in respect of the value…
Section 132 — Wasting assets.
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…
Section 133 — Shares—capital receipts.
Shares—capital receipts. 133 1 If the transferred property consists of shares and at any time before the relevant date the transferee or his spouse or civil partner becomes entitled to a capital…
Section 134 — Payments of calls.
Payments of calls. 134 If the transferred property consists of shares and at any time before the relevant date the transferee or his spouse or civil partner becomes liable to make a payment in…
Section 135 — Reorganisation of share capital, etc.
Reorganisation of share capital, etc. 135 1 This section has effect where the transferred property consists of shares in relation to which there occurs before the relevant date a transaction to which…
Section 136 — Transactions of close companies.
Transactions of close companies. 136 1 This section applies where the transferred property consists of shares in a close company and at any time after the chargeable transfer and before the relevant…
Section 137 — Interests in land.
Interests in land. 137 1 Where the transferred property is an interest in land in relation to which the conditions mentioned in subsection (2) below are not satisfied, then, subject to subsections…
Section 138 — Leases.
Leases. 138 1 Where the transferred property is the interest of a lessee under a lease the duration of which at the time of the chargeable transfer does not exceed fifty years, then for the purposes…
Section 139 — Other property.
Other property. 139 1 Where the transferred property is neither shares nor an interest in land and the condition mentioned in subsection (2) below is not satisfied in relation to it, then, subject to…
Section 140 — Interpretation.
Interpretation. 140 1 In this Chapter— “ close company ” has the same meaning as in Part IV of this Act; “ interest in land ” does not include any estate, interest or right by way of mortgage or…
Section 141 — Two or more transfers within five years.
Two or more transfers within five years. 141 1 Where the value of a person’s estate was increased by a chargeable transfer (“the first transfer”) made not more than five years before— a his death, or…
Section 141A — Apportionment of relief under section 141
Apportionment of relief under section 141 141A 1 This section applies if any part of the value transferred by the later transfer qualifies for the lower rate of tax in accordance with Schedule 1A. 2…
Section 142 — Alteration of dispositions taking effect on death.
Alteration of dispositions taking effect on death. 142 1 Where within the period of two years after a person’s death— a any of the dispositions (whether effected by will, under the law relating to…
Section 143 — Compliance with testator’s request.
Compliance with testator’s request. 143 Where a testator expresses a wish that property bequeathed by his will should be transferred by the legatee to other persons, and the legatee transfers any of…
Section 144 — Distribution etc. from property settled by will.
Distribution etc. from property settled by will. 144 1 Subsection (2) below applies where property comprised in a person’s estate immediately before his death is settled by his will and, within the…
Section 145 — Redemption of surviving spouse’s or civil partner's life interest.
Redemption of surviving spouse’s or civil partner's life interest. 145 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 146 — Inheritance (Provision for Family and Dependants) Act 1975.
Inheritance (Provision for Family and Dependants) Act 1975. 146 1 Where an order is made under section 2 of the Inheritance (Provision for Family and Dependants) Act 1975 (“the 1975 Act”) in relation…
Section 147 — Scotland; legitim. etc.
Scotland; legitim. etc. 147 1 Where a testator dies leaving a surviving spouse or civil partner and a person under the age of 18 entitled to claim legitim or rights under section 131 of the Civil…
Section 148 — . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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Section 150 — Voidable transfers.
Voidable transfers. 150 1 Where on a claim made for the purpose it is shown that the whole or any part of a chargeable transfer (“the relevant transfer”) has by virtue of any enactment or rule of law…
Section 150A — Certain pension interests treated as part of estate
Certain pension interests treated as part of estate 150A 1 For the purposes of this Act a member of a registered pension scheme, a qualifying non-UK pension scheme or a section 615(3) scheme is…
Section 151 — Other provision about pension interests
Other provision about pension interests 151 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Sections 49 to 53…
Section 151A — Person dying with alternatively secured pension fund
Person dying with alternatively secured pension fund 151A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 151BA — Rate or rates of charge under section 151B
Rate or rates of charge under section 151B 151BA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 151B — Relevant dependant with pension fund inherited from member over 75
Relevant dependant with pension fund inherited from member over 75 151B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 151C — Dependant dying with other pension fund
Dependant dying with other pension fund 151C . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 151D — Unauthorised payment where person dies over 75 with pension or annuity
Unauthorised payment where person dies over 75 with pension or annuity 151D . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 151E — Rate or rates of charge under section 151D
Rate or rates of charge under section 151D 151E . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 152 — Cash options.
Cash options. 152 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 153 — Overseas pensions.
Overseas pensions. 153 1 In determining for the purposes of this Act the value of a person’s estate immediately before his death there shall be left out of account any pension payable under the…
Section 153A — Death of emergency service personnel etc
Death of emergency service personnel etc 153A 1 The reliefs in subsection (2) apply where a person— a dies from an injury sustained, accident occurring or disease contracted at a time when that…
Section 153ZA — Qualifying payments
Qualifying payments 153ZA 1 This section applies where a qualifying payment has at any time been received by a person (“P”), or by the personal representatives of P. 2 The tax chargeable on the value…
Section 154 — Death on active service, etc.
Death on active service, etc. 154 1 The reliefs in subsection (1A) apply in relation to the death of a person in whose case it is certified by the Defence Council or the Secretary of State— a that he…
Section 155 — Visiting forces, etc.
Visiting forces, etc. 155 1 Section 6(4) above applies to— a the emoluments paid by the Government of any designated country to a member of a visiting force of that country, not being a British…
Section 155A — Death of constables and service personnel targeted because of their status
Death of constables and service personnel targeted because of their status 155A 1 The reliefs in subsection (3) apply where a person— a dies from an injury sustained or disease contracted in…
Section 155ZA — Foreign diplomats etc
Foreign diplomats etc 155ZA 1 In determining whether a person is a long-term UK resident for the purposes of this Act, the person is treated (so far as would not otherwise be the case) as not having…