Commentary

I3.552 Transfers reported late—one earlier transfer

IHT, trusts and estates

I3.552 Transfers reported late—one earlier transfer

I3.552 Transfers reported late—one earlier transfer

IHTA 1984, s 264(2) provides that where the earlier transfer is made within ten years before the later transfer, there is to be paid:

  1.  

    •     the IHT which ought to have been paid on it at the proper time, and

  2.  

    •     any additional IHT which would be payable on the later transfer by reason of the increase in the cumulative total1

It should be noted that the whole of this additional tax is payable on the earlier transfer. For interest on the additional tax see I3.551.

Accordingly, the earlier transfer is to be charged not only

To continue reading
View the latest version of this document, as well as thousands of others like it, sign in to TolleyLibrary or register for a free trial