Inheritance Tax Act 1984 section 134

Payments of calls

Section 134 deals with the adjustment of market value where a call on shares has been paid before the relevant date, ensuring the cost of meeting that call is reflected in the relief calculation.

• This section applies only where the transferred property consists of shares.
• If the transferee, their spouse or civil partner becomes liable for a call payment on those shares before the relevant date, the market value used in the relief calculation is reduced accordingly.
• The reduction equals the amount of the call payment made.
• No reduction is made if the market value already reflects the liability for the call.