Commentary

I3.364 Fall in value relief—wasting assets

IHT, trusts and estates

I3.364 Fall in value relief—wasting assets

I3.364 Fall in value relief—wasting assets

The relief is not available if the transferred property is tangible movable property which is a wasting asset, such as a motor car1. Property is a wasting asset if immediately before the chargeable transfer it had a predictable useful life not exceeding fifty years having regard to the purpose for which it was used by the transferor2.

Plant and machinery is always regarded as a wasting asset unless it is incorporated in the structure of the building, in which case it is immovable property3.

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