I7.406 Credit for IHT charged
Where a disposal of timber on which further IHT is chargeable1 is itself a chargeable transfer2, the value transferred3 by it is calculated as if the value of the trees or underwood had been reduced by the IHT chargeable by reference to the death4.
C died in July Year 1 leaving a net estate of £1,750,000, which included qualifying woodlands worth £400,000. The land on which they stood was worth £100,000, thus the trees were worth £300,000. C left all of his estate to his son D, having made no chargeable transfers in his lifetime. D
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