Commentary

50 Inheritance tax—general

CHOSES IN ACTION vol 7
| Commentary

50 Inheritance tax—general

| Commentary

50 Inheritance tax—general

Inheritance tax is a tax on dispositions (‘transfers of value’) by which the value of a person’s estate (or what is deemed according to the legislation to be his estate) is diminished. It is therefore concerned with gifts rather than with sales of property1. Many transfers of value made more than seven years before the death of a transferor are not charged to inheritance tax because they are potentially exempt and so will be exempt provided that the donor survives the transfer by seven years2.

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