1. Capital transfer tax shall be charged on the value transferred by a chargeable transfer.

2. A chargeable transfer is a transfer of value which is made by an individual but is not (by virtue of Part II of this Act or any other enactment) an exempt transfer.

4

(1) On the death of any person tax shall be charged as if, immediately before his death, he had made a transfer of value and the value transferred by it had been equal to the value of his estate immediately before his death.

5

(1) For the purposes of this Act a person's estate is the aggregate of all the property to which he is beneficially entitled . .

(3) In determining the value of a person's estate at any time his liabilities at that time shall be taken into account, except as otherwise provided by this Act.

Normal expenditure out of income

21:--

(1) A transfer of value is an exempt transfer if, or to the extent that, it is shown . . .

(a) that it was made as part of the normal expenditure of the transferor and

(b) that (taking one year with another) it was made out of his income and

(c) that, after allowing for all transfers of value forming part of his normal expenditure, the transferor was left with sufficient income to maintain his usual standard of living.

49:--

(1) A person beneficially entitled to an interest in possession in settled property shall be treated for the purposes of this Act as beneficially entitled to the property in which the interest subsists.

115:--

(2) In this chapter "agricultural property" means agricultural land or pasture … and also includes such cottages, farm buildings and farmhouses, together with the land occupied with them, as are of a character appropriate to the property.

142:--

(1) Where within the period of two years after a person's death . . .

(a) any of the dispositions (whether effected by the will, under the law relating to intestacy or otherwise) of the property comprised in his estate immediately before his death are varied, or

(b) the benefit conferred by any of those dispositions is disclaimed, by an instrument in writing made by the persons or any of the persons who benefit or would benefit under the dispositions, this Act shall apply as if the variation had been effected by the deceased or, as the case may be, the disclaimed benefit had never been conferred.

233:-

(1) If

. . .

(b) an amount of tax charged on the value transferred by any other [the previous paragraph deals with the position otherwise than on death] chargeable transfer remains unpaid after the end of the period of six months beginning with the end of the month in which the chargeable transfer was made

then, subject to subsection (1A) below [not applicable] it shall carry interest from the end of that period at the rate applicable under section 178 of the Finance Act 1989.