Structure of the charge: what is the value transferred?
The value transferred by a chargeable transfer is calculated in a different way depending on the occasion of charge to Inheritance Tax
- for lifetime transfers, the value transferred is the amount of the loss to the transferor’s estate, (IHTM04054)
- on death, the value transferred is equal to the value of the deceased’s estate, immediately before death, (IHTM04044)
- for a lifetime transfer of settled property in which a qualifying interest in possession subsists, the value transferred is equal to the value of the property in which the interest subsisted, (IHTM04093)
- for relevant property trusts, the value transferred depends upon the actual occasion of charge. (IHTM04097)