COMMENTED by
The Inheritance Tax (Double Charges Relief) Regulations 1987 (Note)

The Inheritance Tax (Double Charges Relief) Regulations 1987

STATUTORY INSTRUMENTS

1987 No. 1130

INHERITANCE TAX

The Inheritance Tax (Double Charges Relief) Regulations 1987

Made 30th June 1987Laid before the House of Commons1st July 1987

Coming into force 22nd July 1987

The Commissioners of Inland Revenue, in exercise of the powers conferred on them by section 104 of the Finance Act 1986[1], hereby make the following Regulations.

Citation and commencement

1. These Regulations may be cited as the Inheritance Tax (Double Charges Relief) Regulations 1987 and shall come into force on 22nd July 1987.

Interpretation

2. In these Regulations unless the context otherwise requires--

"PET" means potentially exempt transfer;

"property" includes part of any property;

"the 1984 Act" means the Inheritance Tax Act 1984[2];

"the 1986 Act" means Part V of the Finance Act 1986;

"section" means section of the 1984 Act.

Introductory

3. These Regulations provide for the avoidance, to the extent specified, of double charges to tax arising with respect to specified transfers of value made, and other events occurring, on or after 18th March 1986.

Double charges--potentially exempt transfers and death

4.--(1) This regulation applies in the circumstances to which paragraph (a) of section 104(1) of the 1986 Act refers where the conditions ("specified conditions") of paragraph (2) are fulfilled.

(2) The specified conditions to which paragraph (1) refers are--

(a) an individual ("the deceased") makes a transfer of value to a person ("the transferee") which is a PET,

(b) the transfer is made on or after 18th March 1986,

(c) the transfer ...

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