(1)The tax charged on the value transferred by a chargeable transfer made by any transferor shall be charged at the following rate or rates, that is to say—
(a)if the transfer is the first chargeable transfer made by that transferor, at the rate or rates applicable to that value under the appropriate Table set out in subsection (3) below;
(b)if the transfer is not the first chargeable transfer made by that transferor, at the rate or rates applicable under that Table to such part of the aggregate of that value and of the values previously transferred by chargeable transfers made by that transferor, as is the highest part of that aggregate and is equal to that value.
(2)Except as otherwise provided, the First Table set out in subsection (3) below is the appropriate Table for a transfer made on or at any time within three years of the death of the transferor, and the Second Table set out in that subsection is the appropriate Table for any other transfer.
(3)In each of the Tables set out below any rate shown in the third column is that applicable to such portion of the value concerned as exceeds the lower limit shown in the first column but does not exceed the upper limit (if any) shown in the second column.
| Portion of value | Rate of tax | |
|---|---|---|
| Lower limit | Upper limit | Per cent. |
| £ | £ | |
| 0 | 15,000 | Nil |
| 15,000 | 20,000 | 10 |
| 20,000 | 25,000 | 15 |
| 25,000 | 30,000 | 20 |
| 30,000 | 40,000 | 25 |
| 40,000 | 50,000 | 30 |
| 50,000 | 60,000 | 35 |
| 60,000 | 80,000 | 40 |
| 80,000 | 100,000 | 45 |
| 100,000 | 120,000 | 50 |
| 120,000 | 150,000 | 55 |
| 150,000 | 500,000 | 60 |
| 500,000 | 1,000,000 | 65 |
| 1,000,000 | 2,000,000 | 70 |
| 2,000,000 | — | 75 |
| Portion of value | Rate of tax | |
|---|---|---|
| Lower limit | Upper limit | Per cent. |
| £ | £ | |
| 0 | 15,000 | Nil |
| 15,000 | 20,000 | 5 |
| 20,000 | 25,000 | |
| 25,000 | 30,000 | 10 |
| 30,000 | 40,000 | m |
| 40,000 | 50,000 | 15 |
| 50,000 | 60,000 | m |
| 60,000 | 80,000 | 20 |
| 80,000 | 100,000 | 22i |
| 100,000 | 120,000 | 27i |
| 120,000 | 150,000 | 35 |
| 150,000 | 200,000 | 42i |
| 200,000 | 250,000 | 50 |
| 250,000 | 300,000 | 55 |
| 300,000 | 500,000 | 60 |
| 500,000 | 1,000,000 | 65 |
| 1,000,000 | 2,000,000 | 70 |
| 2,000,000 | — | 75 |
(1)Except as otherwise provided by this Part of this Act, the value at any time of any property shall for the purposes of capital transfer tax be the price which the property might reasonably be expected to fetch if sold in the open market at that time; but that price shall not be assumed to be reduced on the ground that the whole property is to be placed on the market at one and the same time.
(2)Schedule 10 to this Act shall have effect with respect to the valuation of property for the purposes of capital transfer tax and the determination of the value transferred by a transfer of value.