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HMRC internal manual

Capital Gains Manual

From
HM Revenue & Customs
Updated
, see all updates

2006 IHT changes: IHT and CGT treatment before 22 March 2006: transfers from settlements

Transfers from trustees of settlements to individuals other than on termination ofinterest in possession on death:

| Type of transferor trust for IHT | Chargeable
transfer for
IHT? | Disposal
for
CGT? | Can Holdover
Relief be
claimed? | || | IIP or Deemed IIP: transferee had
actual or deemed interest in possession | No | Yes | S165 possible | | IIP or Deemed IIP: other | PET | Yes | S165 possible | | A&M: transfer to relevant beneficiary | No
(IHTA84/S71(4) | Yes | S260(2)(d) | | A&M: transfer on death of relevant
beneficiary | No (S71(4) | Yes | S260(2)(d) | | A&M: other transfer (generally through
statutory power of advancement) | Yes | Yes | S260(2)(a) | | Disabled Deemed IIP transfer to person
with deemed interest in possession or
spouse or civil partner | No | Yes | S165 possible | | Disabled Deemed IIP: transfer to other
person | PET | Yes | S165 possible | | Other non-IIP: settlor etc interest | Yes | Yes | S260(2)(a) | | Other non-IIP: no settlor interest | Yes | Yes | S260(2)(a) | | Other non-IIP: within 90 days of ten
year charge | No | Yes | S165 possible |

*Note that TCGA92/S165 is only available for certain assets.

For a summary of the types of trust see CG36529.