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 charge to IHT
- for lifetime transfers, the value transferred is the amount of the loss to the transfer’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 an interest in possession subsists, the value transferred is equal to the value of the property in which the interest subsisted, (IHTM04093)
- for discretionary trusts, (IHTM04097) the value transferred depends of the nature of the claim to tax.