Inheritance Tax Act 1984 section 148

Mutual transfers: exemption for donee's gift

Section 148 provided an exemption in cases of mutual transfers, relieving the donee's gift from inheritance tax, but this provision has been repealed for transfers made on or after 17 March 1986.

• Section 148 dealt with mutual transfers, where two parties each made gifts to one another
• The section provided an inheritance tax exemption for the donee's gift in such arrangements
• The section was repealed by Finance Act 1986 for any transfer made by the donee on or after 17 March 1986
• The repeal was enacted under Finance Act 1986 section 101 and Schedule 19 paragraph 25, together with section 114 and Schedule 23 Part X