Commentary

I1.203 Estate duty—settled property

IHT, trusts and estates

I1.203 Estate duty—settled property

I1.203 Estate duty—settled property

As already indicated (see I1.201), estate duty also applied to settled property which was deemed to pass on death. The scheme of the Act of 1894 was to charge estate duty on the first relevant death after 1 August 1894, but not on subsequent deaths during the continuance of the settlement. This was an understandable continuation of the schemes used in legacy and succession duty and explains the decision to charge the tax on the capital value of the settled property. To compensate for the loss of revenue a further duty, called 'settlement estate duty', was charged on the first

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