Finance Act, 1993

Computation of tax.

113.—The tax chargeable on the taxable value of a taxable inheritance which is charged to tax by virtue of section 110 shall be computed at the rate of two per cent. of such taxable value:

Provided that—

(a) where the total taxable value on which tax is chargeable by virtue of section 110 on the death of the deceased does not exceed the relevant threshold, that tax shall be nil, and

(b) where that total taxable value exceeds the relevant threshold, that tax shall not exceed the amount by which that total taxable value exceeds the relevant threshold.