Commentary

I8.102 Value transferred on death

IHT, trusts and estates

I8.102 Value transferred on death

I8.102 Value transferred on death

On a person's death the assets comprised in his estate (other than excluded property) are valued and, subject to any exemptions, tax is charged as though he had made a transfer of value equal to the net value of his estate immediately before his death1.

HMRC will only consider the values of the assets in a person's estate when IHT is due. Where an estate is returned to HMRC as an excepted estate and no IHT is due, HMRC will not consider the value of any asset within the estate at the date of death.

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