Finance Act, 1991
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Inheritances taken by parents. |
116.—(1) In this section “class threshold of £150,000” means the class threshold of £150,000 in the definition of “class threshold” contained in paragraph 1 (inserted by section 111 of the Finance Act, 1984 ) of the Second Schedule to the Principal Act. | |
(2) Subject to subsection (3), the class threshold of £150,000 shall apply, and be deemed always to have applied, in relation to a taxable inheritance taken on or after the 2nd day of June, 1982, by a parent of the disponer where— | ||
(a) the interest taken by the successor is not a limited interest, and | ||
(b) the inheritance is taken on the date of death of the disponer. | ||
(3) Notwithstanding the provisions of section 46 of the Principal Act, interest shall not be payable on any repayment of tax which arises by virtue of this section where such tax was paid prior to the date of the passing of this Act. |