Inheritance Tax Act 1984 section 149

Mutual transfers: relief for donor's gift

Section 149 previously provided relief where two people made gifts to each other, but it has been repealed for transfers made on or after 18 March 1986.

• Section 149 dealt with inheritance tax relief in cases where two parties made mutual transfers of value to each other.
• The section was repealed by Finance Act 1986 (section 101 and Schedule 19 paragraph 25, together with section 114 and Schedule 23 Part X).
• The repeal applies where the donee's transfer was made on or after 18 March 1986.
• For any transfers made before 18 March 1986, the original provisions of section 149 would still have applied at the relevant time.