Finance Act, 1982

Amendment of Second Schedule to Principal Act.

102.—(1) The Second Schedule to the Principal Act is hereby amended—

(a) in Part I—

(i) by the substitution of the following paragraphs for paragraphs 3, 4 and 7:

“3. Subject to the provisions of paragraph 6, the tax chargeable on the taxable value of a taxable gift or a taxable inheritance, in the case where the donee or successor has taken no other taxable gift or taxable inheritance on or after the 2nd day of June, 1982, to which the same appropriate Table applied, shall be computed at the rate or rates of tax applicable to that taxable value under that appropriate Table.

4. Subject to the provisions of paragraph 6, the tax chargeable on the taxable value of a taxable gift or a taxable inheritance, in the case where the donee or successor has previously taken one or more taxable gifts or taxable inheritances on or after the 2nd day of June, 1982, to which the same appropriate Table applied, shall be computed at the rate or rates of tax applicable under that appropriate Table to such part of the aggregate of—

(a) that taxable value; and

(b) the taxable values of all such previous taxable gifts and taxable inheritances,

as is the highest part of that aggregate and is equal to that taxable value.

7. For the purposes of this Schedule, all gifts and inheritances taken by a donee or successor from one disponer, or several disponers, on the same day shall count as one where the same appropriate Table applies to all such gifts and inheritances, and to ascertain the amount of tax payable on one gift or inheritance of several so taken on the same day, the amount of tax computed under this Schedule as being payable on all such gifts or inheritances taken on that day, and counted as one, shall be apportioned rateably, according to the taxable values of the several taxable gifts and taxable inheritances so taken on the same day.”, and

(ii) by the insertion after paragraph 10 (inserted by the Finance Act, 1981 ) of the following paragraph:

“11. For the purposes of this Schedule, a reference to a gift or an inheritance, or to a taxable gift or a taxable inheritance, includes a reference to a part of a gift or an inheritance, or to a part of a taxable gift or a taxable inheritance, as the case may be.”,

and

(b) in paragraph 1 of Part I and in Part II, by the insertion of “or disponers” after “disponer”, in each place where it occurs.

(2) This section shall have effect in relation to gifts and inheritances taken on or after the 2nd day of June, 1982.