Commentary

I5.331 Events within three months of settlement or of a periodic charge

IHT, trusts and estates

I5.331 Events within three months of settlement or of a periodic charge

Exit charges—exceptions

I5.331 Events within three months of settlement or of a periodic charge

There is no charge to tax on any event occurring in a quarter beginning with the day on which the settlement commenced or with a ten-year anniversary1. 'Quarter' means a period of three months2.

The 'corresponding date' rule3 will apply for the purposes of this provision. Under this rule a period of three months from, say, 30 April ends on 30 July and not 31 July. But, because the day of the relevant ten-year anniversary or the commencement of the settlement is counted, it will

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