ihta84/s164.- Transferor's expenses.

[1975 s.51(1), Sch.10 para.6.]

164. In determining the value transferred by a transfer of value, expenses incurred by the transferor in making the transfer (but not his liability for [inheritance tax ¹ ] -

(a) shall, if borne by him, be left out of account;

(b) shall, if borne by a person benefiting from the transfer, be treated as reducing the value transferred.

1 See 1986 s.100(1) and (2) - for any liability to tax arising on and after 25 July 1986 any reference in the legislation to capital transfer tax has effect as a reference to inheritance tax.