Commentary

I5.742 Statutory disregard of powers of appointment

IHT, trusts and estates

I5.742 Statutory disregard of powers of appointment

I5.742 Statutory disregard of powers of appointment

For transfers of value after 16 April 2002, and for deemed transfers of value on death on or before that date powers over settled property are excluded from the definition of 'estate' for the purposes of IHTA 19841. Accordingly, for transfers of value after 16 April 2002, and deemed transfers of value on death on or before that date, the value of any general power exercisable by an individual will be left out of account for IHT purposes in assessing the taxable diminution in value of his estate effected by a lifetime transfer,

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