Commentary

I5.305 Exit charges—occasions of charge

IHT, trusts and estates

I5.305 Exit charges—occasions of charge

I5.305 Exit charges—occasions of charge

Subject to the exceptions mentioned in I5.331–I5.342, where the property (or part of the property) in a settlement ceases to be relevant property there is a charge to IHT1 on the amount determined as described in I5.316 and at the rates determined as described in I5.313.

As a result of the definition of 'relevant property' (see I5.303)2, this is a general charging provision which applies whenever any of the following events occurs in relation to relevant property:

  1.  

    •     a distribution of capital to a beneficiary

  2.  

    •     prior to 22 March 2006, an appointment of an interest

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