Commentary

I7.514 Value on which tax is charged

IHT, trusts and estates

I7.514 Value on which tax is charged

Conditional exemption—consequences of chargeable events

I7.514 Value on which tax is charged

When a chargeable event occurs, IHT is charged on an amount equal to the value of the property at that time1. As it is a charge on the value of the property, not a charge on the transfer of value attributable to the property on which conditional exemption was granted, there can be no reduction for business2 or agricultural3 relief4. See Example 2 in I7.514D.

IHT is payable on a value equal to the proceeds of sale if the chargeable event is a sale, and:

  1.  

    •     the sale

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