Inheritance Tax Act 1984 (c. 51)
294.Paragraph 17 amends section 238(3) of the Inheritance Act 1984. Section 238, amongst other things, provides that a purchaser of registered land (or an interest in it) does not take subject to an Inland Revenue charge (to secure the payment of Inheritance Tax) if at the time of the disposition the charge was not protected by a notice in the register. “The time of the disposition” is defined in subsection (3) and currently means in relation to registered land, the time of registration of the disposition. This amendment replicates this but additionally deals with dispositions in relation to registered land which are not required to be completed by registration (for example, a lease out of a registered freehold title not exceeding seven years). In such cases the time of the disposition is the time of completion.
