Section 118 | IHT: rate bands

From legislation.gov.uk

(1)For the Table in Schedule 1 to the Inheritance Tax Act 1984 (c. 51) substitute—

Table shown as text

Portion of value Rate of tax Lower limit (£) Upper limit (£) Per cent. 0 250,000 Nil 250,000 40

(2)Subsection (1) shall apply to any chargeable transfer made on or after 6th April 2002; and section 8(1) of that Act (indexation of rate bands) shall not have effect as respects any difference between the retail prices index for the month of September 2000 and that for the month of September 2001.