I3.622 Woodlands

I3.622 Woodlands

Deferred liability for estate duty on woodlands, after relief was obtained in the form of deferral of liability until the sale of the timber1, can also still be outstanding. This liability ends as soon as there is another transfer of value (exempt or chargeable), other than a transfer exempt under IHTA 1984, s 182 (gifts to spouses). However, a lifetime transfer of woodland subject to this deferred estate duty liability cannot be a potentially exempt transfer, although a transfer which includes woodlands subject to this deferred liability, and other property as well, may be

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