IHTM31231 - Assessing: COMPASS: chargeable lifetime transfers: introduction

Death

COMPASS will allow you to prepare calculations on a death case for transfers after 18 March 1986 (IHTM31014) for

• the death estate (this includes free estate, settled property (IHTM04080), GWRs (IHTM14301) where the reservation ceases on death) and other property aggregable with it
• failed PETs (IHTM14512) (including GWRs where the reservation ceases during lifetime), and
• additional charges (IHTM14571).

Lifetime

At a lifetime case, COMPASS will allow you to prepare calculations in respect of transfers after 18 March 1986 which are

• immediately chargeable transfers (IHTM04067) (taxable at half death rate (IHTM14534)).

But, where you need to make an calculation for such a transfer, you will need to create a new case record (IHTM31235) on COMPASS.