204 Limitation of liability
Inheritance Tax Act 1984 (1984 c 51) | Legislation

204  Limitation of liability

(1)     A person shall not be liable under section 200(1)(a) above for any tax as a personal representative of a deceased person, except to the extent of the following assets, namely—

(a)     so far as the tax is attributable to the value of any property other than such as is mentioned in paragraph (b) below, the assets (other than property so mentioned) which he has received as personal representative or might have so received but for his own neglect or default; and

(b)     so far as the tax is attributable to property which, immediately before the death, was comprised in a settlement and consists of land in the United Kingdom, so much of that property as is at any time available in his hands for the payment of the tax, or might have been so available but for his own neglect or default.

(2)     A person shall not be liable for tax as trustee in relation to any property, except to the extent

Powered by Lexis+®
 

Popular documents

LEXISNEXIS

Novation—why and how to novate a contract

Novation—why and how to novate a contractThere may be times when, rather than assigning the benefit of an agreement to a third party, the original parties wish instead to end their obligations to each other under that agreement and, in effect, recreate it, with the third party stepping into the

LEXISNEXIS

What is electronic money?

What is electronic money?BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. Following IP completion day, key transitional arrangements come to an end and significant

LEXISNEXIS

VAT definition

LEXISNEXIS

Carriage of goods by sea—the Hague-Visby Rules

Carriage of goods by sea—the Hague-Visby RulesThis Practice Note explains the Hague-Visby Rules (the Rules) which are an international convention enacted into English law by the Carriage of Goods by Sea Act 1971 (CGSA 1971) whose purpose is to regulate some of the most important rights and