[113B Application of section 113A to replacement property]
Inheritance Tax Act 1984 (1984 c 51) | Legislation

[113B  Application of section 113A to replacement property]

[(1)     Subject to subsection (2) below, this section applies where—

(a)     the transferee has disposed of all or part of the original property before the death of the transferor; and

(b)     the whole of the consideration received by him for the disposal has been applied by him in acquiring other property (in this section referred to as “the replacement property”).

(2)     This section does not apply unless—

(a)     the replacement property is acquired, or a binding contract for its acquisition is entered into, within [the allowed period] after the disposal of the original property (or, as the case may be, the part concerned); and

(b)     the disposal and acquisition are both made in transactions at arm's length

Powered by Lexis+®
 

Popular documents

LEXISNEXIS

Violent disorder

Violent disorderThe offence of violent disorderViolent disorder can be tried in the magistrates' court or the Crown Court. These offences will normally be dealt with in the Crown Court. However, there may be cases involving minor violence or threats of violence leading to no or minor injury, with

LEXISNEXIS

A married but non-cohabiting couple are looking to extend their leave under Tier 2 (General). They have

A married but non-cohabiting couple are looking to extend their leave under Tier 2 (General). They have not been living at the same address in the UK since 2017 but are in a genuine relationship. What effect will this have on their extension application?Immigration Rules, Part 8, para 319C sets out

LEXISNEXIS

How are the post-employment notice pay (PENP) provisions applied in circumstances where the employee is

How are the post-employment notice pay (PENP) provisions applied in circumstances where the employee is (a) on long-term sickness absence and has exhausted his entitlement to sick pay, or (b) has been dismissed summarily without notice?The amendments to sections 402 to 404 of the Income Tax

LEXISNEXIS

Negligence—when is the duty of care breached?

Negligence—when is the duty of care breached?Having established that a duty of care exists (see Practice Note: Negligence—when does a duty of care arise?), it is then necessary to consider whether or not there has been a breach of that duty. This will depend on a number of factors outlined below and