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HMRC internal manual

Inheritance Tax Manual

From
HM Revenue & Customs
Updated
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Lifetime transfers: lifetime transfers chargeable when made

The transferor is accountable, IHTA84/S216 (1)(a). This is because the transferor is liable for any tax due.

The normal time limits (IHTM10803) for delivering an account apply. The proper form of account is the IHT 100.

An account is not required

  • if the transfer is exempt
  • where the transfer is an excepted transfer’ (IHTM10823).

If a transferor has died and an account is required, the transferor’s personal representatives (IHTM05012) should be asked to deliver it. If they say they are not accountable, you should refer the case to Technical

Special rules (IHTM10833) apply when there is a chargeable lifetime transfer on the termination of a qualifying interest in possession.