Commentary

I1.510 Tax computation

IHT, trusts and estates

I1.510 Tax computation

I1.510 Tax computation

A transfer of value, made by an individual, and which is not exempt, is a 'chargeable transfer'. This includes potentially exempt transfers that become chargeable to IHT on the death of the transferor within seven years.

Chargeable transfers are what are subject to IHT; they are also what are taken into a transferor's cumulation of previous transfers for the purposes of charging IHT on later chargeable transfers.

Immediately chargeable transfers, ie lifetime transfers which are neither potentially exempt nor exempt (see I1.507 and I1.508 above), are charged to IHT during the life of the transferor at half the rates in the rate table, but as the top slice of the aggregate of the transfer1 (see I1.506 above for the value transferred) and the cumulative total of chargeable transfers made or treated as made by the transferor in the seven years preceding the transfer (see I3.521). This total

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