Commentary

I5.744 Estate on death

IHT, trusts and estates

I5.744 Estate on death

I5.744 Estate on death

The decision in Melville1 meant that some holders of powers over settled property unexpectedly had estates much more valuable than they had previously believed. If such a person died before the change to the definition of 'property' which took effect on 17 April 2002 their estates could have been subject to unexpected inheritance tax liabilities. The legislation2 seeks to avoid this situation by providing that the amendments described in I5.7423 are deemed always to have had effect for the purpose of determining the value, immediately before his death, of the estate of

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