Commentary

I5.351 Periodic charge—hypothetical value transferred

IHT, trusts and estates

I5.351 Periodic charge—hypothetical value transferred

I5.351 Periodic charge—hypothetical value transferred

The hypothetical chargeable transfer on which the tax rate is calculated includes occasions of previous exit charges on the settlement1 as well as previous chargeable transfers made by the settlor (see I5.352).

In addition chargeable transfers made in the seven years before any property was added by the settlor to the settlement after it commenced may also be taken into account (see I5.360).

Once the date of the ten-year anniversary has been established (I5.304) the first step is to establish the aggregate of the following:

  1.  

    (1)     The value on which the periodic charge is being imposed2 (the value of relevant property in the settlement

To continue reading
View the latest version of this document, as well as thousands of others like it, sign in to TolleyLibrary or register for a free trial