Commentary

I10.113 Settled property

IHT, trusts and estates

I10.113 Settled property

I10.113 Settled property

After property has been settled events may occur which give rise to a chargeable transfer under IHTA 1984, Part III (ss 43–93)1. It is then the trustees who are primarily liable for payment of IHT even if the beneficiary of the chargeable transfer has undertaken to pay it2.

If the IHT has not been paid by the due date, HMRC may recover the tax from any of the following3:

  1.  

    (a)     any person entitled, whether beneficially or not4, to an interest in possession in the settled property

  2.  

    (b)     any person for whose benefit any of the settled property or

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