Commentary

I3.553 Transfers reported late—several earlier transfers

IHT, trusts and estates

I3.553 Transfers reported late—several earlier transfers

I3.553 Transfers reported late—several earlier transfers

If, during the ten-year period, there have been two or more earlier transfers, the rule is as described in I3.552 but the additional IHT on the earlier transfer which becomes payable is the difference between the IHT paid to the Board in full satisfaction of the tax on the later transfer and the IHT properly payable if both or all the earlier transfers had been included in the cumulative total. That additional IHT is then divided proportionately between or among the earlier transfers1.

If, however, IHT has been accepted by the Board in full

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