Part IV Inheritance Tax
57 Reduced rates of tax.
1
In the M1Inheritance Tax Act 1984 (in this Part of this Act referred to as “the 1984 Act”) section 8(1) (indexation of rate bands) shall not apply to chargeable transfers made in the year beginning 6th April 1987.
2
For the Table in Schedule 1 to that Act there shall be substituted the Table set out below:
Table of Rates of Tax
Portion of value
Rate of tax
Lower limit
Upper limit
Per cent
£
£
Lower Limit £
Upper Limit £
Per cent.
0
90,000
Nil
90,000
140,000
30
140,000
220,000
40
220,000
330,000
50
330,000
60
3
Subsection (2) above applies to any chargeable transfer (within the meaning of the 1984 Act) made on or after 17th March 1987.