956. Notional Dispositions. | Taxation Law | LexisNexis

powered by Lexis^®Library

956. Notional dispositions.

Certain occurrences which may have the effect of transferring value out of a person's estate, but which under general law involve no disposition, are treated for inheritance tax purposes as involving a disposition¹. Such notional dispositions occur:

(1) where the value of a person's estate is diminished, and the value of another person's estate or of any settled property, other than settled property treated² as property to which a person is beneficially entitled, is increased by the first-mentioned person's omission to exercise a right

(1) Main Charging Provisions

951. Overview of inheritance taxation.

952. Chargeable transfer.

953. Meaning of 'transfer of value' and 'value transferred'.

954. Meaning of 'estate'.

955. Excluded property.

956. Notional dispositions.

957. Deemed transfers of value.

958. When a transfer is made.

959. Transfers by instalments.

960. Meaning of 'associated operations'.

961. Transfer of value by associated operations.

962. Chargeable transfers affecting more than one property.

963. Chargeable transfers made on the same day.

964. IHT rates.

965. Nil rate band.

966. Transfer of nil rate band.

967. Residence nil rate amount.

968. Dispositions not resulting in immediate reduction in value; and dispositions whereby excluded property ceases to form part of estate.

969. Dispositions not intended to confer gratuitous benefit.

970. Dispositions for maintenance of family.

971. Meaning of 'disposition for maintenance of family'.

972. Dispositions allowable for income tax or corporation tax.

973. Contributions to certain pension schemes.

974. Waiver of dividends.

975. Grant of tenancies of agricultural property.

976. Certain changes in the distribution of a person's estate.

977. Transfer of value by close company.