Section 72 | Increase of rate bands.

From legislation.gov.uk

(1)For the Table in Schedule 1 to the Inheritance Tax Act 1984 there shall be substituted—

TABLE OF RATES OF TAX — shown as text

Portion of value Rate of tax Lower limit Upper limit Per cent. £ £ 0 150,000 Nil 150,000 40

(2)Subsection (1) above shall apply to any chargeable transfer made on or after 10th March 1992, and section 8(1) of the Inheritance Tax Act 1984 (indexation of rate bands) shall not apply to chargeable transfers made in the year beginning 6th April 1992.