Commentary

I5.314 Appropriate fraction for exit charges

IHT, trusts and estates

I5.314 Appropriate fraction for exit charges

I5.314 Appropriate fraction for exit charges

The effective rate of charge is then adjusted to reflect the period during which the property subject to the exit charge has been relevant property (I5.303) since the settlement commenced. This 'appropriate fraction' may be different for different parts of the property, and because the property or some of it may not have been relevant property all the time since the settlement commenced.

The appropriate fraction is calculated as follows:

  1.  

    (1)     Calculate the number of complete successive quarters in the period beginning with the day on which the settlement commenced and ending with the day before the occasion of

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