Where woodlands have been left out of account on a transfer on
death under IHTA84/S125 and a IHTA84/S126 charge arises in
connection with a subsequent chargeable transfer, IHTA84/S229
allows the tax chargeable
on that chargeable transfer to be paid by ten
equal yearly instalments. A written notice of election is required.
The first instalment is payable six months after the end of
the month in which the transfer is made.
The instalments are interest free (
IHTM30363) in the sense that interest
is charged only from the date at which each instalment is payable.
Where instalments are payable under IHTA84/S229, the unpaid
tax does not become immediately payable when the timber is sold
(IHTA84/S227 does not apply).
