Section 40: Gifts made separately out of different funds.

Inheritance Tax Act 1984 · 1984 c. 51View on legislation.gov.uk

Inheritance Tax Act 1984
- Section 39A: Operation of sections 38 and 39 in cases of business or agricultural relief.
- Section 41: Burden of tax.

Part II: EXEMPT TRANSFERS — CHAPTER III: ALLOCATION OF EXEMPTIONS

Where gifts taking effect on a transfer of value take effect separately out of different funds the preceding provisions of this Chapter shall be applied separately to the gifts taking effect out of each of those funds, with the necessary adjustments of the values and amounts referred to in those provisions.

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