Commentary

I7.515 Reinstatement of transferor's cumulative total

IHT, trusts and estates

I7.515 Reinstatement of transferor's cumulative total

I7.515 Reinstatement of transferor's cumulative total

Regardless of whether or not he is the 'relevant person' (see I7.514A), the cumulative total of chargeable transfers of the person who actually made the last conditionally exempt transfer before the chargeable event, is adjusted if he is still alive.

This is done by supposing that he has made a transfer of value of the amount chargeable on the chargeable event at that time and adding that amount to his cumulative total of transfers of value. The rate of IHT chargeable on all subsequent transfers of value made by him will consequently be increased1.

A special

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