Commentary

I12.410 Exemption for aggregate notional annual values below 5,000

IHT, trusts and estates

I12.410 Exemption for aggregate notional annual values below 5,000

I12.410 Exemption for aggregate notional annual values below 5,000

The legislation includes an exemption for de minimis amounts1. Where the aggregate amounts attributable to a chargeable person in respect of land, chattels and intangible property comprised in a settlor interested settlement does not exceed 5,000 in any year of assessment the person in question will not be chargeable under Sch 15.

There are a few points to note in connection with this provision. First, the exemption does not work in the same way as the personal allowance for income tax or the annual exempt amount for CGT. Once the £5,000

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