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HMRC internal manual

Capital Gains Manual

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HM Revenue & Customs
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Death: non-trust life interests: leases for life

IHTA84/S43(3)

Leases for life and other leases which are for periods ascertainable by reference todeath are treated as settled property for the purposes of IHT. This treatment however doesnot apply for CGT. In general the termination of the lease, whether on death or within apredetermined period after death, would be treated in the same way as any other case wherea lease expires. See CG71302.