Commentary

I4.265 Lifetime transfers reported late

IHT, trusts and estates

I4.265 Lifetime transfers reported late

I4.265 Lifetime transfers reported late

If HMRC becomes aware of a lifetime transfer after it should have been reported it may mean that a subsequent transfer by the transferor, in particular the deemed transfer on his death, has been undercharged to IHT.

If the lifetime transfer which has not been reported was made more than seven years before the death, the calculation of the IHT due in respect of the estate is unaffected by the discovery (see I3.551–I3.554). If it was made within seven years before the death and is discovered before the IHT on the estate has been finally

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