Commentary

I1.403 Comparison with estate duty

IHT, trusts and estates

I1.403 Comparison with estate duty

I1.403 Comparison with estate duty

Although the estate duty policy of charging tax on lifetime gifts made within seven years before death is followed by IHT, the mechanism of charge is very different. Under estate duty the property comprised in such a gift was brought into charge at its value at the death, but there was tapering (related to the period between the gift and the death) of the value on which tax was charged rather than the rate of tax charge. Under IHT the value on which tax is charged is the loss to the donor's estate at the

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