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Finance Act, 1994

Amendment of Second Schedule (computation of tax) to Principal Act.

142.—(1) The Second Schedule to the Principal Act is hereby amended by the substitution of the following Part for Part II (inserted by section 115 of the Finance Act, 1991 ):

“PART II

TABLE

Portion of Value

Rate of tax

Per cent.

The threshold amount

Nil

The next £10,000

20

The next £30,000

30

The balance

40

”.

(2) This section shall have effect in relation to gifts and inheritances taken on or after the 11th day of April, 1994.