Inheritance Tax Act 1984
Sections and provisions with full text and the judgments that cite each one.
Section 156 — Apsley House and Chevening Estate.
Apsley House and Chevening Estate. 156 This Act shall not apply in respect of— a the rights conferred by section 3 of the Wellington Museum Act 1947, or b property held on the trusts of the trust…
Section 157 — Non-residents’ bank accounts.
Non-residents’ bank accounts. 157 1 In determining for the purposes of this Act the value of the estate immediately before his death of a person to whom this section applies there shall be left out…
Section 158 — Double taxation conventions.
Double taxation conventions. 158 1 If Her Majesty by Order in Council declares— a that arrangements specified in the Order have been made with the government of any territory outside the United…
Section 159 — Unilateral relief.
Unilateral relief. 159 1 Where the Board are satisfied that in any territory outside the United Kingdom (an “overseas territory”) any amount of tax imposed by reason of any disposition or other event…
Section 159A — Treatment of dormant assets
Treatment of dormant assets 159A 1 This section applies where there is a transfer in respect of a dormant asset. 2 There is a transfer in respect of a dormant asset where an amount is transferred by…
Section 160 — Market value.
Market value. 160 Except as otherwise provided by this Act, the value at any time of any property shall for the purposes of this Act be the price which the property might reasonably be expected to…
Section 161 — Related property.
Related property. 161 1 Where the value of any property comprised in a person’s estate would be less than the appropriate portion of the value of the aggregate of that and any related property, it…
Section 162 — Liabilities.
Liabilities. 162 1 A liability in respect of which there is a right to reimbursement shall be taken into account only to the extent (if any) that reimbursement cannot reasonably be expected to be…
Section 162A — Liabilities attributable to financing excluded property
Liabilities attributable to financing excluded property 162A 1 To the extent that a liability is attributable to financing (directly or indirectly)— a the acquisition of any excluded property, or b…
Section 162AA — Liabilities attributable to financing non-residents' foreign currency accounts
Liabilities attributable to financing non-residents' foreign currency accounts 162AA 1 This section applies if— a in determining the value of a person's estate immediately before death, a balance on…
Section 162B — Liabilities attributable to financing certain relievable property
Liabilities attributable to financing certain relievable property 162B 1 Subsection (2) applies if— a the whole or part of any value transferred by a transfer of value is to be treated as reduced,…
Section 162C — Sections 162A , 162AA and 162B: supplementary provision
Sections 162A , 162AA and 162B: supplementary provision 162C 1 This section applies for the purposes of determining the extent to which a liability is attributable as mentioned in section 162A(1) or…
Section 163 — Restriction on freedom to dispose.
Restriction on freedom to dispose. 163 1 Where, by a contract made at any time, the right to dispose of any property has been excluded or restricted, then, in determining the value of the property…
Section 164 — Transferor’s expenses.
Transferor’s expenses. 164 In determining the value transferred by a transfer of value, expenses incurred by the transferor in making the transfer (but not his liability for inheritance tax )— a…
Section 165 — Tax on capital gains.
Tax on capital gains. 165 1 Where a chargeable transfer is or includes a disposal of an asset and on the disposal a gain accrues to the transferor for the purposes of the 1992 Act , then if— a the…
Section 166 — Creditors’ rights.
Creditors’ rights. 166 In determining the value of a right to receive a sum due under any obligation it shall be assumed that the obligation will be duly discharged, except if or to the extent that…
Section 167 — Life policies, etc.
Life policies, etc. 167 1 In determining in connection with a transfer of value the value of a policy of insurance on a person’s life or of a contract for an annuity payable on a person’s death, that…
Section 168 — Unquoted shares and securities.
Unquoted shares and securities. 168 1 In determining the price which unquoted shares or unquoted securities might reasonably be expected to fetch if sold in the open market it shall be assumed that…
Section 169 — Farm cottages.
Farm cottages. 169 1 In determining the value of agricultural property which includes cottages occupied by persons employed solely for agricultural purposes in connection with the property, no…
Section 170 — Leases for life, etc.
Leases for life, etc. 170 Where under section 43(3) above a lease of property is to be treated as a settlement, the value of the lessor’s interest in the property shall be taken to be such part of…
Section 171 — Changes occurring on death.
Changes occurring on death. 171 1 In determining the value of a person’s estate immediately before his death changes in the value of his estate which have occurred by reason of the death and fall…
Section 172 — Funeral expenses.
Funeral expenses. 172 In determining the value of a person’s estate immediately before his death, allowance shall be made for reasonable funeral expenses.
Section 173 — Expenses incurred abroad.
Expenses incurred abroad. 173 In determining the value of a person’s estate immediately before his death, an allowance against the value of property situated outside the United Kingdom shall be made…
Section 174 — Income tax and unpaid inheritance tax.
Income tax and unpaid inheritance tax. 174 1 In determining the value of a person’s estate immediately before his death, allowance shall be made for— a any liability for income tax in respect of an…
Section 175 — Liability to make future payments, etc.
Liability to make future payments, etc. 175 Where in determining the value of a person’s estate immediately before his death a liability to make payments or transfer assets under such a disposition…
Section 175A — Discharge of liabilities after death
Discharge of liabilities after death 175A 1 In determining the value of a person's estate immediately before death, a liability may be taken into account to the extent that— a it is discharged on or…
Section 176 — Related property etc.—sales.
Related property etc.—sales. 176 1 This section has effect where, within three years after the death of any person, there is a qualifying sale of any property (“the property concerned”) comprised in…
Section 177 — Scottish agricultural leases.
Scottish agricultural leases. 177 1 Where any part of the value of a person’s estate immediately before his death is attributable to the interest of a tenant in an unexpired portion of a lease for a…
Section 178 — Preliminary.
Preliminary. 178 1 In this Chapter— “ the appropriate person ”, in relation to any qualifying investments comprised in a person’s estate immediately before his death, means the person liable for…
Section 179 — The relief.
The relief. 179 1 On a claim being made in that behalf by the appropriate person there shall be determined for the purposes of this Chapter the amount (if any) by which— a the aggregate of the values…
Section 180 — Effect of purchases.
Effect of purchases. 180 1 If a claim is made under this Chapter and, at any time during the period beginning on the date of the death in question and ending two months after the date of the last…
Section 181 — Capital receipts.
Capital receipts. 181 1 For the purposes of section 179(1)(b) above, if— a at any time after the death in question (whether during or after the period of twelve months immediately following the date…
Section 182 — Payment of calls.
Payment of calls. 182 For the purposes of section 179(1)(a) above, if— a at any time after the death in question (whether during or after the period of twelve months immediately following the date of…
Section 183 — Changes in holdings.
Changes in holdings. 183 1 This section applies in any case where, within the period of twelve months immediately following the date of the death in question, there occurs in relation to any…
Section 184 — Exchanges.
Exchanges. 184 1 If— a within the period of twelve months immediately following the date of the death in question, the appropriate person exchanges (with or without any payment by way of equality of…
Section 185 — Acquisition of like investments.
Acquisition of like investments. 185 1 If, at any time within the period of twelve months immediately following the date of the death in question, the appropriate person sells any investments which…
Section 186 — Value of part of a fund.
Value of part of a fund. 186 1 In any case where— a part only of a holding of qualifying investments is comprised in a person’s estate, and b investments included in that holding are sold by the…
Section 186A — Cancelled investments.
Cancelled investments. 186A 1 Where any qualifying investments comprised in a person’s estate immediately before his death are— a cancelled within the period of twelve months immediately following…
Section 186B — Suspended investments.
Suspended investments. 186B 1 This section applies to any qualifying investments comprised in a person’s estate immediately before his death in respect of which listing on a recognised stock exchange…
Section 187 — Attribution of values to specific investments.
Attribution of values to specific investments. 187 1 This section shall have effect in determining the value for the purposes of this Act (and, accordingly, the market value for the purposes of…
Section 188 — Limitation of loss on sale.
Limitation of loss on sale. 188 In any case where, apart from this section, the loss on sale of any investments— a in respect of which an amount has been paid in pursuance of a call as mentioned in…
Section 189 — Date of sale or purchase.
Date of sale or purchase. 189 1 Subject to subsection (2) below, for the purposes of this Chapter where any investments are sold or purchased by the appropriate person the date on which they are sold…
Section 190 — Preliminary.
Preliminary. 190 1 In this Chapter— “ the appropriate person ”, in relation to any interest in land comprised in a person’s estate immediately before his death, means the person liable for…
Section 191 — The relief.
The relief. 191 1 Where— a an interest in land is comprised in a person’s estate immediately before his death and is sold by the appropriate person within the period of three years immediately…
Section 192 — Effect of purchases.
Effect of purchases. 192 1 This section applies where a claim is made under this Chapter and, at any time during the period beginning on the date of the death and ending four months after the last of…
Section 193 — Changes between death and sale.
Changes between death and sale. 193 1 Where the conditions mentioned in subsection (2) below are not satisfied in relation to any interest to which the claim relates then, subject to subsections (3)…
Section 194 — Leases.
Leases. 194 1 Where the claim relates to an interest which is the interest of a lessee under a lease the duration of which at the date of the death does not exceed fifty years, an addition shall be…
Section 195 — Valuation by reference to other interests.
Valuation by reference to other interests. 195 If in determining the value on death of any interest to which the claim relates, any other interests, whether in the same or other land, were taken into…
Section 196 — Sales to beneficiaries etc. and exchanges.
Sales to beneficiaries etc. and exchanges. 196 1 This section applies where a person who makes a claim under this Chapter, acting in the same capacity as that in which he makes the claim— a sells an…
Section 197 — Compulsory acquisition more than three years after death.
Compulsory acquisition more than three years after death. 197 1 If after the end of the period of three years immediately following the date of the death an interest in land is acquired from the…