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HMRC internal manual

Inheritance Tax Manual

Excepted transfers and terminations - qualifying transactions

The regulations specify three circumstances in which an immediately chargeable transfer or termination can qualify as an excepted transfer or termination

  • where the value transferred or the property in which the interest subsists is attributable to cash or quoted shares or securities,
  • where the value transferred or the property in which the interest subsists is attributable to any other property, and
  • where the value transferred in consequence of a termination does not exceed any exemptions that are available.