Examples of IHTA 1984 in a sentence
In Chapter 3 of Part 3 of IHTA 1984 (settled property: settlements without interests in possession etc), section 58 (relevant property) is amended as follows.
Daughter owns a UK situs asset (worth £1m) and the debt that she owes her father is owed to a non resident and will be discharged in France “so far as possible” thus reducing the value of daughter’s property outside the UK (see IHTA 1984 s162(5)).
It is considered that the provisions of IHTA 1984 section 10 would apply because paying interest at no more than the official rate is not intended to confer a benefit on any person and is required under the capital gains tax and income tax rules for the purpose of ensuring that the loan is deemed to be on arm’s length terms.
The provision made by section 158(1ZA) and (1ZB) of IHTA 1984 in relation to Orders under section 158 of that Act applies, and is to be regarded as always 10having applied, in relation to Orders in Council under any provision which that section replaces (directly or indirectly).
In Chapter 3 of Part 3 of IHTA 1984 (settled property: settlements without interests in possession etc), section 58 (relevant property) is amended as 35follows.
That amendment does not affect the application of section 8 of IHTA 1984 25(indexation) by virtue of the difference between the retail prices index for September 2009, or September in any later year, and that for September in the following year.
The enlargement of that interest to an absolute interest does not change this position (Section 53(2) IHTA 1984) and it is not affected by the relationship of the beneficiary to the testator.
Protective trusts In the Commissioners for Her Majesty’s Revenue and Customs view, the reference to trusts ‘to the like effect as those specified in Section 33(1) of the Trustee Act 1925’ - contained in Sections 73 and 88 IHTA 1984 - is a reference to trusts which are not materially different in their tax consequences.
But if the life tenant is the surviving spouse of a testator who died before November 13 1974, exemption might be available under paragraph 2 Schedule 6 IHTA 1984.
The Commissioners for Her Majesty’s Revenue and Customs regard Section 13 (1) IHTA 1984 as requiring that where the trust is to benefit employees of a subsidiary of the company making the provision, those eligible to benefit must include all or most of the employees and officers of the subsidiary and the employees and officers of the holding company taken as a single class.