Commentary

I8.242 Definition of related property

IHT, trusts and estates

I8.242 Definition of related property

I8.242 Definition of related property

Related property consists of1:

  1.  

    •     property comprised in the estate of a person's spouse or civil partner—including property in which the spouse or civil partner has a beneficiary-taxed interest in possession under any settlement (for its meaning, see I5.201), and

  2.  

    •     property which has within the preceding five years been:

    1.  

      –     the property of a charity, or held in trust for charitable purposes only2, or

    2.  

      –     the property of a qualifying political party, a registered housing association or registered social landlord, or a national body (museum, gallery, university etc)3,

  3.  

    and became so on a transfer of value which was made by either spouse or civil partner after 15 April 1976 and was exempt4 to the extent that the value transferred was attributable to the property.

The terms spouse and civil partner are construed by HMRC as meaning a person's spouse or civil partner at the time of the transfer of value under consideration—not the spouse or civil partner at the time when the transfer to the charity etc was

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