C1SCHEDULE 5 CONDITIONAL EXEMPTION: DEATHS BEFORE 7TH APRIL 1976
Annotations:
Modifications etc. (not altering text)
Charge on failure of condition of exemption—buildings etc.
4
The tax chargeable under paragraph 3 above with respect to any property shall be so much of the tax that would have been chargeable on the value transferred on the death as would have been attributable to the value of the property if—
a
section 34 of the Finance Act 1975 had not applied to the property; and
b
the value of the property at the time of the death had been equal to its value at the time the tax becomes chargeable and, if it becomes chargeable on a sale complying with paragraph 6 below, that value had been equal to the proceeds of sale.
By Finance Act 1985 s. 95,the functions of the Treasury were transferred to the Commissioners of Inland Revenue (“the Board”).