PART IVCapital Transfer Tax

CHAPTER IISettlements Without Interests in Possession

Miscellaneous

125Annual charges under Finance Act 1975

No charge to tax shall be imposed under paragraph 12(2) of Schedule 5 to the M1Finance Act 1975 by reference to any year ending after 31st December 1981 ; and any tax charged under that provision and not already allowed as a credit under paragraph 12(3) of that Schedule or under this section shall be allowed as a credit against tax chargeable under this Chapter in respect of the settled property or part concerned.