Inheritance Tax Act 1984 Schedule 2 paragraph 1

Interpretation

Schedule 2 paragraph 1 defines what is meant by a "reduction" in tax rates and clarifies the timing of events relative to such a reduction.

• A "reduction" means a decrease in inheritance tax achieved by replacing the rate table in Schedule 1 of the Act with a new table.
• Events happening "before" a reduction are those occurring before the date the new table comes into force.
• Events happening "after" a reduction are those occurring on or after the date the new table comes into force.
• These definitions apply throughout Schedule 2 wherever the terms "reduction" and related timing references are used.