Section 57 | Reduced rates of tax.

From legislation.gov.uk

(1)In the Inheritance 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 — shown as text

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.