SCHEDULES

SCHEDULE 1Rate of tax charged under Chapter 3 of Part 3 IHTA 1984

3

1

Section 66 (rate of ten-yearly charge) is amended as follows.

2

In subsection (4)—

a

omit paragraph (b) and the “and” following it,

b

in paragraph (c), before “property” insert “ relevant ”, and

c

at the end of paragraph (c) insert—

d

the value of any same-day addition; and

e

where—

i

an increase in the value of the property comprised in another settlement is represented by the value of a same-day addition aggregated under paragraph (d) above, and

ii

that other settlement is not a related settlement,

the value immediately after that other settlement commenced of the relevant property then comprised in that other settlement;

3

In subsection (6)(a), for “paragraphs (b) and (c)” substitute “ paragraphs (c) to (e) ”.