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Finance Act 1975

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This is the original version (as it was originally enacted).

37Rate of tax

(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. First Table

Portion of valueRate of tax
Lower limitUpper limitPer cent.
££
015,000Nil
15,00020,00010
20,00025,00015
25,00030,00020
30,00040,00025
40,00050,00030
50,00060,00035
60,00080,00040
80,000100,00045
100,000120,00050
120,000150,00055
150,000500,00060
500,0001,000,00065
1,000,0002,000,00070
2,000,00075

Second Table

Portion of valueRate of tax
Lower limitUpper limitPer cent.
££
015,000Nil
15,00020,0005
20,00025,000
25,00030,00010
30,00040,000m
40,00050,00015
50,00060,000m
60,00080,00020
80,000100,00022i
100,000120,00027i
120,000150,00035
150,000200,00042i
200,000250,00050
250,000300,00055
300,000500,00060
500,0001,000,00065
1,000,0002,000,00070
2,000,00075

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