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HMRC internal manual

Inheritance Tax Manual

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)