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AI Summary of 52. Set-off of gift tax paid in respect of an inheritance.

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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 21 February 2003 - onwards

52. Set-off of gift tax paid in respect of an inheritance.

Where an amount has been paid in respect of gift tax (or interest on such gift tax) on a gift which, by reason of the death of the disponer within 2 years after the date of the disposition under which the gift was taken, becomes an inheritance in respect of which inheritance tax is payable, the amount so paid is treated as a payment on account of the inheritance tax.

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