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HMRC internal manual

Inheritance Tax Manual

From
HM Revenue & Customs
Updated
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Lifetime transfers: Introduction

Except where otherwise stated, the instructions contained in IHTM24001 through to IHTM24167 apply to both death and lifetime transfers. However there are a number of additional considerations to take into account with lifetime transfers. These are:

  • the extent of relief where the value transferred exceeds the value of the property transferred (IHTM24174)
  • whether the property transferred satisfies the definition of agricultural property (IHTM24030) may depend on whether it is considered in isolation or as part of the transferor’s estate as a whole (IHTM24171)
  • additional conditions (IHTM24172) that apply to lifetime transfers when calculating

    • the taxable value transferred by a PET (IHTM04057)
    • the additional tax on other lifetime chargeable transfers payable by reason of the transferor’s death, and
    • the special rules (IHTM24200) for charges under the GWR provisions.