(1)For the Table in Schedule 1 to the Inheritance Tax Act 1984 (c. 51) substitute—
| Portion of value | Rate of tax | |
|---|---|---|
| Lower limit (£) | Upper limit (£) | Per cent. |
| 0 | 250,000 | Nil |
| 250,000 | — | 40 |
(2)Subsection (1) shall apply to any chargeable transfer made on or after 6th April 2002; and section 8(1) of that Act (indexation of rate bands) shall not have effect as respects any difference between the retail prices index for the month of September 2000 and that for the month of September 2001.