Commentary

I1.102 Capital tax systems

IHT, trusts and estates

I1.102 Capital tax systems

I1.102 Capital tax systems

Taxes on the transfer of property by gift or on death may be classified as mutation taxes or acquisition taxes. Mutation taxes are charged according to the value of the property changing hands and by reference to the circumstances of the transfer (and transferor), regardless of the destination of the transfer. Acquisition taxes are charged according to the value of the benefits received and by reference to the circumstances of the recipient.

Inheritance tax is charged by reference to the circumstances of the transferor and is thus a mutation tax. However, where property is transferred to a

To continue reading
View the latest version of this document, as well as thousands of others like it, sign in to TolleyLibrary or register for a free trial