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SCHEDULES

SCHEDULE 14Gifts to the nation

PART 5Related changes

IHTA 1984

27In section 25 (gifts for national purposes etc), after subsection (2) insert—

(3)A transfer of value is an exempt transfer to the extent that the value transferred by it is attributable to property that is being transferred in the circumstances described in paragraph 1 of Schedule 14 to the Finance Act 2012 (gifts to the nation).