Commentary

I3.323 Annual exemption and settled property

IHT, trusts and estates

I3.323 Annual exemption and settled property

I3.323 Annual exemption and settled property

IHT is chargeable on settled property1 where a qualifying interest in possession (QIIP — see I5.102) in the property comes to an end during the life of a person who is beneficially entitled to it (see I5.221), or the property is subject to a QIIP and is reduced in value by a transaction between the trustees and beneficiaries (see I5.227).

The annual exemption of the 'transferor', ie the person entitled to the interest in possession2, can apply to such events3, but only if they have given notice to the trustees of the availability of

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