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HMRC internal manual

Inheritance Tax Manual

HM Revenue & Customs
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Nominated property: what is nominated property?

It is possible to transfer property held on death in friendly societies, the National Savings Bank and National Savings Certificates direct to chosen beneficiaries by way of statutory nomination in writing.

While such property does not pass under the Will (IHTM12041) or intestacy (IHTM12101) it does form a part of the estate (IHTM04029) for Inheritance Tax purposes. It will, in most cases, be a separate fund for the purposes of grossing up (IHTM26001).