Commentary

I7.513B Lifetime disposal

IHT, trusts and estates

I7.513B Lifetime disposal

I7.513B Lifetime disposal

If the property is disposed of, whether by sale or gift or otherwise, the disposal is, subject to certain exceptions which follow, a chargeable event with respect to the property and the person liable for the tax is the person for whose benefit the property is disposed of.

A lifetime disposal is not a chargeable event:

  1.  

    (a)     when the conditionally exempt property is given or sold by private treaty to an exempt body (museum, university, art gallery, etc) within IHTA 1984, Sch 3; See I4.218

  2.  

    (b)     when it is accepted by the Board in satisfaction of tax (See

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