Free legislation on LexisWeb is as enacted and does not take into account any amendments

Full Table of Contents

143Removal of exemption for gifts for public benefit

(1)    Section 26 of the Inheritance Tax Act 1984 (gifts for public benefit) shall not apply to any transfer of value made on or after 17th March 1998.

(2)    Accordingly, in that Act, in relation to any transfer of value made on or after 17th March 1998—

(a)    in sections 23(5) and 29A(6) (gifts to charities and abatement of exemptions), for the words “25 or 26”, in each place where they occur, there shall be substituted “or 25”; and

(b)    in section 29(5) (exemptions in loan cases), for “to 26”, “25 or 26” and “25(2) and 26(7)” there shall be substituted, respectively, “to 25”, “or 25” and “and 25(2)”.

(3)    In relation to any property becoming the property of any person on or after 17th March 1998, in section 56(4) and (7) of that Act (exclusion of exemptions in relation to the acquisition of reversionary interests), for the words “to 26”, in each place where they occur, there shall be substituted “to 25”.

(4)    In section 76 of that Act (tax not charged on property becoming property held for charitable purposes etc)—

(a)    paragraph (d) of subsection (1) and subsection (2) shall cease to have effect, and the word “or” shall be inserted at the end of paragraph (b) of subsection (1);

(b)    in subsection (3), for “to (d)” there shall be substituted “to (c)”; and

(c)    in subsections (6) and (8), for the words “(c) or (d)”, in each place where they occur, there shall be substituted “or (c)”.

(5)    Subsection (4) above has effect in relation to property which ceases to be relevant property, or to be property to which any of sections 70 to 74 of the Inheritance Tax Act 1984 or paragraph 8 of Schedule 4 to that Act applies, on or after 17th March 1998.

(6)    In relation to any property becoming the property of a body on a transfer of value made on or after 17th March 1998, in section 161(2)(b) of that Act (related property), for “25 or 26” there shall be substituted “or 25”.

(7)    In relation to any disposal on or after 17th March 1998, in section 258(2) of the Taxation of Chargeable Gains Act 1992 (gains on disposal of works of art etc), in paragraph (a), for “1984 Act” there shall be substituted “Inheritance Tax Act 1984 (“the 1984 Act”)”.

NOTES
Initial Commencement
Royal Assent

This Act received Royal Assent on 31 July 1998: for provision as to the effect of sub-s (4) see sub-s (5) above.
Lifetime Transfers99 Personal Taxes95 Charities Taxation95 Estate Taxes91 Charities95 Charitable Donations95 Settled Property & Inheritance Tax96 Tax Law96 Death Planning91 Succession Law & Estate Planning96 Inheritance Tax96

Full Table of Contents

Lexis®Library

  • Authoritative guides to the status of statutory provisions and their meaning from a range of titles from Butterworths, Halsbury's Statutes and TolleyView other related LexisLibrary annotations
  • The current law in England and Wales, consolidated by the incorporation of amendments into existing legislation, by an expert team of editorsView Consolidated Version
  • Indicates the date on which a section of an enactment was brought into force, powered by Halsbury's Is It In ForceView current status of this Act
  • Cases related to this particular case that are related to, or discuss this caseView related cases
  • Official explanatory notes that further explain the effects of the Act and summarise what the Act sets out to achieveView official explanatory notes
  • Commentary discussing this particular case from LexisLibrary's comprehensive range of titles including Butterworths, Halsbury's and TolleyView all related commentary
  • An authoritative guide to the status of statutory provisions and their meaning, including definitions, cross-references and information on commencement and amendmentView Halsbury Statutes Citator
  • Subordinate legislation is made under the authority of a provision (or provisions) of an Act (or Acts) of ParliamentView all subordinate legislation