PART 2Inheritance tax
Interest
15Inheritance tax: interest
1
In section 107 of FA 1986 (changes in financial institutions: interest)—
a
in subsection (4), for the words from “section 234(4)” to “above)” substitute “
paragraph 7(8) of Schedule 53 to the Finance Act 2009 (late payment interest: inheritance tax payable by instalments)
”
;
b
in subsection (5), for the words from “amend” to “section 234(3)(c)” substitute “
set out one or more descriptions of company for the purposes of paragraph 7(7) of Schedule 53 to the Finance Act 2009
”
.
2
In Schedule 53 to FA 2009 (special provision: late payment interest start date)—
a
in paragraph 7 (inheritance tax payable by instalments) for sub-paragraph (7) substitute—
7
A company falls within this sub-paragraph if—
a
its business is carried on in the United Kingdom and is—
i
wholly that of a market maker, or
ii
that of a discount house, or
b
it is of a description set out in regulations under section 107(5) of FA 1986.
b
in paragraph 9 (certain other amounts of inheritance tax), for “date of the testator's death” substitute “
end of the month in which the testator died
”
.
3
The amendments made by this section come into force on such day or days as the Treasury may by regulations made by statutory instrument appoint.
4
Regulations under subsection (3) may—
a
appoint different days for different purposes;
b
make transitional or saving provision.