141 Two or more transfers within five years
Inheritance Tax Act 1984 (1984 c 51) | Legislation

Chapter V
Miscellaneous

Successive charges

141  Two or more transfers within five years

(1)     Where the value of a person's estate was increased by a chargeable transfer (“the first transfer”) made not more than five years before—

(a)     his death, or

(b)     a chargeable transfer which is made by him otherwise than on his death and as to which the conditions specified in subsection (2) below are satisfied,

the tax chargeable on the value transferred by the transfer made on his death or, as the case may be, referred to in paragraph (b) above (“the later transfer”) shall be reduced by an amount calculated in accordance with subsection (3) below.

(2)     The conditions referred to in subsection (1)(b) above are—

(a)     that the value transferred by the later transfer falls to be determined by reference

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