The following Trusts and Inheritance Tax guidance note by Tolley provides comprehensive and up to date tax information covering:
This relief applies to lifetime transfers which incur an additional inheritance tax charge because they were made in the seven years before death. A failed PET or chargeable lifetime transfer is brought into the calculation of the charge on death at the value at the date of transfer. Fall in value relief may be claimed when the value of the gifted property has decreased since the date of transfer.
In order for the relief to be available, the property transferred during lifetime must:
IHTA 1984, s 131(1), (3)
Additionally, in order for the relief to be available, three further conditions have to be met:
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