ihta84/s207.- Conditional exemption, etc.

[1976 s.78(2), (3).]

207. - (1) Where tax is chargeable under section 32 above on the occurrence of an event which is a chargeable event with respect to any property by virtue of subsection (2) or subsection (3)(a) of that section, the person liable for the tax is the person who, if the property were sold -

(a) in a case within subsection (2) of that section, at the time the tax becomes chargeable, and

(b) in a case within subsection (3)(a), immediately after the death,

would be entitled to received (whether for his benefit or not) the proceeds of sale or any income arising from them.

[1976 s.78(3);
1977 s.53.]

(2) Where tax is chargeable under section 32 above on the occurrence of an event which is a chargeable event with respect to any property by virtue of subsection (3)(b) of that section, the person liable for the tax is the person by whom or for whose benefit the property is disposed of.

[(2A) Where tax is chargeable under section 32A above on the occurrence of an event which is a chargeable event with respect to any property by virtue of subsection (3) or subsection (4)(a) of that section, the person liable for the tax is the person who, if the property were sold -

(a) in a case within subsection (3) of that section, at the time the tax becomes chargeable, and

(b) in a case within subsection (4)(a), immediately after the death,

would be entitled to received (whether for his benefit or not) the proceeds of sale or any income arising from them.

(2B) Where tax is chargeable under section 32A above on the occurrence of an event which is a chargeable event with respect to any property by virtue of subsection (4)(b) of that section, the person liable for the tax is the person by whom or for whose benefit the property is disposed of ¹ .]

[1976 s.82(8); 1982 Sch.17 para.26.]

(3) The persons liable for tax charged under section 79(3) above are -

(a) the trustees of the settlement concerned, and

(b) any person for whose benefit any of the property or income from it is applied at or after the time of the event occasioning the charge.

[1975 ss.32(1), 34(3).]

(4) The person liable for tax chargeable under paragraph 1(1) or 3(1) of Schedule 5 of this Act is the person who, if the property were sold at the time the tax becomes chargeable, would be entitled to received (whether for his benefit or not) the proceeds of sale or any income arising from them.

[1975 ss.32(2), 34(4); 1977 s.53.]

(5) The person liable for tax chargeable under paragraph 1(2) or 3(2) of Schedule 5 of this Act is the person by whom or for whose benefit the property is disposed of.

1 1985 Sch.26, para.10, in relation to event occurring after 18 March 1985.