fa41/s7.- Finance Act 1941 Section 7 Provision for the creating of certain amounts of income tax.

7. -

(4) ..... any amount to be credited under the section ¹ .....any such amount shall be exempt from death duties ² payable on any death occurring before the date fixed by the Treasury under subsection (1) of this section;

1 1941 s.7(1) provides for a part of the amount of income tax paid by an individual for certain years (in event, the years 1941-42 to 1945-46) to be ascertained, and to be credited to him on such a date as may be fixed by the Treasury.

2 See 1975 s.52 and Sch. 12 para. 1 - any reference to death duties to be construed as including a reference to capital transfer tax chargeable under s.22 of that Act. Incorporated within CTTA Sch. 6 para. 1 with effect from 1 January 1985. (ax)
(ax) By 1986 s.100(1) and (2), on and after 25 July 1986 the Capital Transfer Tax Act 1984 may be cited as the Inheritance Tax Act 1984 and any reference in the legislation to capital transfer tax has effect as a reference to inheritance tax in respect of any liability to tax arising on and after that date.