Commentary

I1.506 Value transferred

IHT, trusts and estates

I1.506 Value transferred

I1.506 Value transferred

After it has been established that there is a transfer of value the next stage is to establish the value transferred. As mentioned in I1.503 above, this is a question of the extent to which a person's estate, taken as a whole, has been diminished in value as a result of the disposition that constitutes a transfer of value. There are some specific rules for particular circumstances. See, further, Division I3.2. Particularly noteworthy points are:

  1.  

    (a)     Some property is specifically brought into account as part of a person's estate, such as unsettled property over which he has a general power of disposition1 (see

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