Finance Act, 1994
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Amendment of section 128 (amendment of Second Schedule (computation of tax) to Principal Act) of Finance Act, 1990. |
145.— Section 128 of the Finance Act, 1990 , is hereby amended by the substitution of the following subsection for subsection (1) (including the proviso thereto): | |
“(1) In computing in accordance with the provisions of the Second Schedule to the Principal Act the tax chargeable on the taxable value of a taxable gift or a taxable inheritance taken by a donee or successor on or after 11th day of April, 1994, the class threshold, as defined in paragraph 1 (inserted by section 111 of the Finance Act, 1984 ) of Part I of that Schedule, in respect of each taxable gift or taxable inheritance included in any aggregate of taxable values referred to in paragraph 3 (inserted by the said section 111) of Part I shall be adjusted by multiplying each such class threshold by the figure, rounded to the nearest third decimal place, determined by dividing by 133.5 the consumer price index number for the year immediately preceding the year in which that taxable gift or taxable inheritance is taken, and the references to the class threshold (including the reference to the class thresholds) in the definition of ‘revised class threshold’ and the proviso thereto in the said paragraph 1 shall be construed accordingly.”. |