Section 200 | Transfer on death.
From legislation.gov.uk
(1)The persons liable for the tax on the value transferred by a chargeable transfer made (under section 4 above) on the death of any person are . . . —F1
(a)so far as the tax is attributable to the value of property which either—
(i)was not immediately before the death comprised in a settlement, or
(ii)was so comprised and consists of land in the United Kingdom which devolves upon or vests in the deceased’s personal representatives,
the deceased’s personal representatives;
(b)so far as the tax is attributable to the value of property which, immediately before the death, was comprised in a settlement, the trustees of the settlement;
(c)so far as the tax is attributable to the value of any property, any person in whom the property is vested (whether beneficially or otherwise) at any time after the death, or who at any such time is beneficially entitled to an interest in possession in the property;
(d)so far as the tax is attributable to the value of any property which, immediately before the death, was comprised in a settlement, any person for whose benefit any of the property or income from it is applied after the death.
(2)A purchaser of property, and a person deriving title from or under such a purchaser, shall not by virtue of subsection (1)(c) above be liable for tax attributable to the value of the property unless the property is subject to an Inland Revenue charge.
(3)For the purposes of subsection (1) above a person entitled to part only of the income of any property shall, notwithstanding anything in section 50 above, be deemed to be entitled to an interest in the whole of the property.
(4)Subsections (4) and (5) of section 199 above shall have effect for the purposes of this section as they have effect for the purposes of that section.