Source: http://www.legislation.gov.uk/ukpga/1984/51/schedule/5
Timestamp: 2013-05-24 12:40:20
Document Index: 226393139

Matched Legal Cases: ['art. 5', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 3', 'art. 3', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2']

Skip to main contentSkip to navigationlegislation.gov.ukThe National ArchivesHelpSite MapAccessibilityContact UsHomeAbout UsBrowse LegislationNew LegislationChanges to LegislationSearch LegislationSearch LegislationTitle: (or keywords in the title)Year:Number:Type:All Legislation (excluding draft)All Primary Legislation UK Public General Acts UK Local Acts Acts of the Scottish Parliament Acts of the National Assembly for Wales Measures of the National Assembly for Wales Church Measures Acts of the Northern Ireland Assembly Acts of the Old Scottish Parliament Acts of the English Parliament Acts of the Old Irish Parliament Acts of the Parliament of Great Britain Northern Ireland Orders in Council Measures of the Northern Ireland Assembly Acts of the Northern Ireland ParliamentAll Secondary Legislation UK Statutory Instruments Wales Statutory Instruments Scottish Statutory Instruments Northern Ireland Statutory Rules Church Instruments UK Ministerial Orders UK Statutory Rules and OrdersAll Draft Legislation UK Draft Statutory Instruments Scottish Draft Statutory Instruments Northern Ireland Draft Statutory RulesAll Impact Assessments UK Impact AssessmentsSearchAdvanced SearchInheritance Tax Act 1984You are here:1984 c. 51SCHEDULE 5Table of ContentsContentMore ResourcesPrevious: ScheduleNext: SchedulePlain ViewPrint Options
Changes to legislation:There are outstanding changes not yet made by the legislation.gov.uk editorial team to Inheritance Tax Act 1984. Any changes that have already been made by the team appear in the content and are referenced with annotations.Changes to LegislationRevised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the legislation in the affected provisions. Use the ‘more’ link to open the changes and effects relevant to the provision you are viewing.Changes and effects yet to be applied to the whole Act, associated Parts and Chapters:Changes and effectsThis section lists the changes and effects yet to be applied to the whole Act, associated Parts and Chapters where applicable. This includes any insertions of whole new Parts, Chapters or provisions yet to be inserted into this Act. These effects are included in this view as they may be (but won’t necessarily be) relevant to the specific provision that you are viewing.Act modified by S.I. 2011/1502 art. 5Whole provisions yet to be inserted into this Act (including any effects on those provisions):s. 8A-8C inserted by 2008 c. 9 Sch. 4 para. 2s. 74A-74C inserted by 2012 c. 14 s. 210(3)s. 81A inserted by 2010 c. 13 s. 52(1)s. 141A inserted by 2012 c. 14 Sch. 32 para. 7s. 151D 151E inserted by 2008 c. 9 Sch. 28 para. 10s. 151D omitted by 2011 c. 11 Sch. 16 para. 48(e)s. 151E omitted by 2011 c. 11 Sch. 16 para. 48(f)s. 155(4) words substituted by 2012 c. 14 Sch. 37 para. 3(2)s. 155(5A)(5B) inserted by 2012 c. 14 Sch. 37 para. 3(3)s. 155(6) words inserted by 2012 c. 14 Sch. 37 para. 3(4)s. 223A-223I inserted by S.I. 2009/56 Sch. 1 para. 117s. 240A inserted by 2009 c. 10 Sch. 51 para. 12s. 271A inserted by 2008 c. 9 Sch. 29 para. 18(6)Sch. 1A inserted by 2012 c. 14 Sch. 32 para. 2Commencement Orders yet to be applied to the Inheritance Tax Act 1984:Commencement OrdersThis section lists the commencement orders yet to be applied to the whole Act. These effects are included in this view as they may be (but won’t necessarily be) relevant to the specific provision that you are viewing. Where applicable the commencement orders are listed under two headings, firstly those that bring some part of the Act you are viewing into force and secondly, those that bring into force legislation that affects some part of the legislation you are viewing. If you are viewing a prospective version or there is a prospective version available there may be commencement orders listed here that are relevant to the provision you are viewing.Commencement Orders bringing legislation that affects this Act into force:S.I. 2003/1725 art. 2(1) commences (2002 c. 9)S.I. 2006/1014 art. 2(a) Sch. 1 para. 11(r) commences (2005 c. 4)S.I. 2008/839 art. 2 commences (2007 c. 18)S.I. 2009/571 art. 2-5 commences (2008 c. 9)S.I. 2009/812 art. 3(a)(b) commences (2006 c. 52)S.I. 2009/1167 art. 3 4 commences (2006 c. 52)S.I. 2009/1604 art. 2 commences (2005 c. 4)S.I. 2009/3250 art. 2(h) commences (2007 c. 29)S.I. 2009/3345 art. 2 commences (2009 c. 23)S.I. 2010/862 art. 2 commences (2008 c. 17)S.I. 2010/867 art. 2 commences (2009 c. 10)Section 35.SCHEDULE 5E+W+S+N.I. CONDITIONAL EXEMPTION: DEATHS BEFORE 7TH APRIL 1976Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Modifications etc. (not altering text)C1 By Finance Act 1985 s. 95,the functions of the Treasury were transferred to the Commissioners of Inland Revenue (“the Board”). Charge on failure of condition of exemption—objectsE+W+S+N.I.1(1)Where, under section 31 of the M1Finance Act 1975, the value of an object has been left out of account and the Treasury are satisfied that at any time the undertaking given under that section or under paragraph 5 below with respect to the object has not been observed in a material respect, tax shall be chargeable with respect to the object in accordance with paragraph 2 below.E+W+S+N.I.(2)Where, under section 31 of the Finance Act 1975, the value of any object has been left out of account and—(a)sub-paragraph (1) above does not apply, but(b)the object is disposed of, whether on sale or otherwise,then, subject to the following provisions of this paragraph, tax shall be chargeable with respect to the object in accordance with paragraph 2 below; but where the value of an object has been so left out of account on the death of more than one person, the tax chargeable under this sub-paragraph shall be chargeable only by reference to the last death.
(3)Tax shall not be chargeable by virtue of sub-paragraph (2) above with respect to an object—(a)on its being sold by private treaty to a body mentioned in Schedule 3 to this Act or on its being disposed of to such a body otherwise than by sale, or(b)if it is disposed of otherwise than by sale and the undertaking previously given with respect to it is replaced by a further undertaking under paragraph 5 below.(4)For the purposes of sub-paragraph (2) above, the acceptance of an object under section 230 of this Act shall not be treated as a disposal of the object.Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Marginal CitationsM11975 c. 7. 2(1)The following provisions of this paragraph shall have effect where, under section 31 of the M2Finance Act 1975, the value of any object has been left out of account in determining the value transferred by the transfer of value made on the death of any person (in this paragraph referred to as the value transferred on death) and tax becomes chargeable with respect to the object under paragraph 1 above by reason of the disposal of the object or the non-observance of an undertaking (in this paragraph referred to as a chargeable event).E+W+S+N.I.(2)The tax chargeable under paragraph 1 above with respect to an object shall be so much of the tax that would have been chargeable on the value transferred on death as would have been attributable to the value of the object if—(a)section 31 of the Finance Act 1975 had not applied to the object, and(b)the value of the object at the time of the death had been equal to its value at the time of the chargeable event and, if the chargeable event was a disposal on sale complying with paragraph 6 below, that value had been equal to the proceeds of sale.(3)Where—(a)under section 31 of the Finance Act 1975 the value of two or more objects has been left out of account in determining the value transferred on death, and(b)those objects formed a set at the time of death, and(c)tax becomes chargeable under paragraph 1 above with respect to two or more of the objects by reason of chargeable events occurring at different times,the preceding provisions of this paragraph shall apply as if both or all the chargeable events had occurred at the time of the earlier or earliest one, and the tax chargeable with respect to the objects shall be adjusted accordingly on the occurrence of each of the subsequent chargeable events.
(4)Sub-paragraph (3) above shall not apply with respect to two or more chargeable events which are disposals to different persons who are neither acting in concert nor connected with each other.Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Marginal CitationsM21975 c. 7. Charge on failure of condition of exemption—buildings etc.E+W+S+N.I.3(1)Where, under subsection (2) of section 34 of the M3Finance Act 1975, the value of any property has been left out of account and the Treasury are satisfied that at any time the undertaking given under that subsection or under paragraph 5 below in respect of that property has not been observed in a material respect, then, subject to sub-paragraph (3) below, tax shall be chargeable in accordance with paragraph 4 below with respect to the property and any property associated with it.E+W+S+N.I.(2)Where, under section 34(2) of the Finance Act 1975, the value of any property has been left out of account in determining the value transferred on the death of any person and—(a)sub-paragraph (1) above does not apply, but(b)the property is disposed of, whether on sale or otherwise,then, subject to sub-paragraphs (3) and (4) below, tax shall be chargeable in accordance with paragraph 4 below with respect to the property and any property associated with it; but where the value of the property has been left out of account on the death of more than one person, the tax chargeable under this sub-paragraph shall be chargeable only by reference to the last death.
(5)For the purposes of this paragraph, two or more properties are associated with each other if one of them is a building falling within subsection (1)(b) of section 34 of the Finance Act 1975 and the other or others such land or objects as, in relation to that building, fall within subsection (1)(c) or (d) of that section.Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Marginal CitationsM31975 c. 7. 4The tax chargeable under paragraph 3 above with respect to any property shall be so much of the tax that would have been chargeable on the value transferred on the death as would have been attributable to the value of the property if—E+W+S+N.I.(a)section 34 of the Finance Act 1975 had not applied to the property; and(b)the value of the property at the time of the death had been equal to its value at the time the tax becomes chargeable and, if it becomes chargeable on a sale complying with paragraph 6 below, that value had been equal to the proceeds of sale. Further undertaking on disposalE+W+S+N.I.5(1)The further undertaking referred to in paragraph 1 above is an undertaking given, by such person as the Treasury think appropriate in the circumstances of the case, that, until the person entitled to the object dies or the object is disposed of, whether by sale or gift or otherwise,—E+W+S+N.I.(a)the object will be kept permanently in the United Kingdom and will not leave it temporarily except for a purpose and a period approved by the Treasury; and(b)reasonable steps will be taken for the preservation of the object; and(c)reasonable facilities for examining the object for the purpose of seeing the steps taken for its preservation or, subject to sub-paragraph (3) below, for purposes of research, will be allowed to any person authorised by the Treasury to examine it.(2)The further undertaking referred to in paragraph 3 above is an undertaking given by such person as the Treasury think appropriate in the circumstances of the case that, until the person entitled to the property dies or the property is disposed of, whether by sale or gift or otherwise, reasonable steps will be taken—(a)in the case of land falling within subsection (1)(a) of section 34 of the M4Finance Act 1975, for the maintenance of the land and the preservation of its character, and(b)in the case of any other property, for the maintenance, repair and preservation of the property and, if it is an object falling within subsection (1)(d) of that section, for keeping it associated with the building concerned,and for securing reasonable access to the public.
(3)If it appears to the Treasury, on a claim made for the purpose, that any documents which are designated as objects to which section 31 of the Finance Act 1975 applies contain information which for personal or other reasons ought to be treated as confidential, they may exclude those documents, either entirely or to such extent as they think fit, from so much of an undertaking given or to be given under sub-paragraph (1)(c) above as relates to their examination for purposes of research.Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Marginal CitationsM41975 c.7. Requirements of saleE+W+S+N.I.6A sale complies with this paragraph if—E+W+S+N.I.(a)it was not intended to confer any gratuitous benefit on any person, and(b)it was either a transaction at arm’s length between persons not connected with each other or a transaction such as might be expected to be made at arm’s length between persons not connected with each other.Previous: ScheduleNext: ScheduleBack to topOptions/HelpPrint OptionsPrint The Whole ActPDF The Whole ActWeb page The Whole ActPrint This Schedule onlyPDF This Schedule onlyWeb page This Schedule onlyYou have chosen to open The Whole ActThe Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.Would you like to continue?Continue to openYou have chosen to open The Whole Act as a PDFThe Whole Act you have selected contains over 200 provisions and might take some time to download.Would you like to continue?Continue to openYou have chosen to open the Whole ActThe Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.Would you like to continue?Continue to openYou have chosen to open the Whole Act without Schedules