Inheritance Tax Manual

IHTM44000 - Pre-owned Assets

 

 

 

Introduction

1. IHTM44001

   Introduction

Valuation

1. IHTM44002

   Valuation

Property in charge

1. IHTM44003

   Property in charge: Land
2. IHTM44004

   Property in charge: The disposal condition - land
3. IHTM44005

   Property in charge: The contribution condition - land
4. IHTM44006

   Property in charge: Chattels
5. IHTM44007

   Property in charge: The disposal condition - chattels
6. IHTM44008

   Property in charge: The contribution condition - chattels
7. IHTM44009

   Property in charge: Intangible property

Calculation of the charge on land

1. IHTM44010

   Calculation of the charge on land: Introduction
2. IHTM44011

   Calculation of the charge on land: Valuation date and the 5 year cycle
3. IHTM44012

   Calculation of the charge on land: Where the relevant land is disposed of
4. IHTM44013

   Calculation of the charge on land: Where the chargeable person disposed of other property
5. IHTM44014

   Calculation of the charge on land: Where the chargeable person contributed to the acquisition of the relevant property
6. IHTM44015

   Calculation of the charge on land: Non-exempt sales

Calculation of the charge on chattels

1. IHTM44016

   Calculation of the charge on chattels: Introduction
2. IHTM44017

   Calculation of the charge on chattels: Valuation date and the 5 year cycle
3. IHTM44018

   Calculation of the charge on chattels: Where the relevant land is disposed of
4. IHTM44019

   Calculation of the charge on chattels: Where the chargeable person disposed of other property
5. IHTM44020

   Calculation of the charge on chattels: Where the chargeable person contributed to the acquisition of the relevant property
6. IHTM44021

   Calculation of the charge on chattels: Non-exempt sales

Calculation of the charge on intangibles

1. IHTM44025

   Calculation of the charge on intangibles: Introduction
2. IHTM44026

   Calculation of the charge on intangibles: Valuation date

Excluded transactions

1. IHTM44030

   Excluded transactions: Introduction
2. IHTM44031

   Excluded transactions: The disposal condition - sale of entire interest
3. IHTM44032

   Excluded transactions: The disposal condition - transfer to spouse or civil partner
4. IHTM44033

   Excluded transactions: The disposal condition - family maintenance
5. IHTM44034

   Excluded transactions: The disposal condition - annual and small gifts exemption
6. IHTM44035

   Excluded transactions: The contribution condition - transfer to spouse or civil partner
7. IHTM44036

   Excluded transactions: The contribution condition - outright gift of money
8. IHTM44037

   Excluded transactions: The contribution condition - family maintenance
9. IHTM44038

   Excluded transactions: The contribution condition - annual and small gifts exemption

Exemptions

1. IHTM44040

   Exemptions: Introduction
2. IHTM44041

   Exemptions: Relevant property remains part of the Inheritance Tax estate
3. IHTM44042

   Exemptions: Examples where relevant property remains part of the Inheritance Tax estate
4. IHTM44043

   Exemptions: Property in a person's estate that derives its value from the relevant property
5. IHTM44044

   Exemptions: Reservation of benefit in the relevant property
6. IHTM44045

   Exemptions: Reservation of benefit in property that derives its value from the relevant property
7. IHTM44046

   Exemptions: Reservation of benefit in property but for certain exemptions
8. IHTM44047

   Exemptions: Reservation of benefit in share of interest in land
9. IHTM44048

   Exemptions: Exclusion of reservation of benefit under FA86/Sch20/Para6
10. IHTM44049

    Exemptions: Cash gifts and exclusion of reservation of benefit provisions
11. IHTM44050

    Exemptions: Relevant property remains part of the Inheritance Tax estate - restriction for subsequent ownership
12. IHTM44051

    Exemptions: Relevant property remains part of the Inheritance Tax estate - excluded liabilities
13. IHTM44052

    Exemptions: Foreign element
14. IHTM44053

    Exemptions: Foreign element - non-residence
15. IHTM44054

    Exemptions: Foreign element - foreign domiciliaries
16. IHTM44055

    Exemptions: Foreign element - foreign domiciliaries - settled property exemption
17. IHTM44056

    Exemptions: De minimis exemption
18. IHTM44057

    Exemptions: Changes in the distribution of a deceased's estate
19. IHTM44058

    Exemptions: Guarantees
20. IHTM44059

    Exemptions: Sale of part share

Avoidance of double charges

1. IHTM44060

   Avoidance of double charges: Introduction
2. IHTM44061

   Avoidance of double charges: More than one charge under FA04/Sch15
3. IHTM44062

   Avoidance of double charges: Charge to employment benefits
4. IHTM44063

   Avoidance of double charges: Election that reservation of benefit provisions should apply
5. IHTM44064

   Avoidance of double charges: Debt written off or released

Election into Inheritance Tax

1. IHTM44070

   Election into Inheritance Tax: Introduction
2. IHTM44071

   Election into Inheritance Tax: Land and chattels
3. IHTM44072

   Election into Inheritance Tax: Land and chattels - chargeable portion
4. IHTM44073

   Election into Inheritance Tax: Intangibles
5. IHTM44074

   Election into Inheritance Tax: How to make an election
6. IHTM44075

   Election into Inheritance Tax: When to make an election
7. IHTM44076

   Election into Inheritance Tax: Withdrawal of an election
8. IHTM44077

   Election into Inheritance Tax: When a late election may be accepted
9. IHTM44078

   Election into Inheritance Tax: Refusal to accept a late election

Specific avoidance schemes

1. IHTM44100

   Specific avoidance schemes: Land - lease carve-out scheme
2. IHTM44101

   Specific avoidance schemes: Land - settlement on interest in possession trusts
3. IHTM44102

   Specific avoidance schemes: Land - reversionary leases
4. IHTM44103

   Specific avoidance schemes: Land - home loan or double trust scheme
5. IHTM44104

   Specific avoidance schemes: Land - double trust or home loan scheme - loan repayable on demand
6. IHTM44105

   Specific avoidance schemes: Land - double trust or home loan scheme - loan not repayable until after the individual's death
7. IHTM44106

   Specific avoidance schemes: Land - double trust or home loan scheme - alternative approach
8. IHTM44107

   Specific avoidance schemes: Land - debt and charge scheme
9. IHTM44108

   Specific avoidance schemes: Chattels - lease carve-out scheme
10. IHTM44109

    Specific avoidance schemes: Chattels - gift and leaseback scheme
11. IHTM44110

    Specific avoidance schemes: Intangibles - settlement on interest in possession trusts

Insurance based products

1. IHTM44111

   Insurance based products: Introduction
2. IHTM44112

   Insurance based products: Discounted gift trust
3. IHTM44113

   Insurance based products: Gift and loan trust
4. IHTM44114

   Insurance based products: Pension policies
5. IHTM44115

   Insurance based products: Business trusts and partnership policies
6. IHTM44116

   Insurance based products: Policies settled on trusts before 18 March 1986

Unwinding of home loan or double trust scheme

1. IHTM44120

   Unwinding of home loan or double trust scheme: Background
2. IHTM44121

   Unwinding of home loan or double trust scheme: Joint settlor schemes unwound after first death
3. IHTM44122

   Unwinding of home loan or double trust scheme: Joint settlor schemes - loan valued at less than open market value of the property on the death of the first settlor
4. IHTM44123

   Unwinding of home loan or double trust scheme: Downsizing
5. IHTM44124

   Unwinding of home loan or double trust scheme: Downsizing - loan valued at less than the open market value of the property on the death of the first settlor
6. IHTM44125

   Unwinding of home loan or double trust scheme: Tracing
7. IHTM44126

   Unwinding of home loan or double trust scheme: Payment of Inheritance Tax
8. IHTM44127

   Unwinding of home loan or double trust scheme: Residence nil rate band
9. IHTM44128

   Unwinding of home loan or double trust scheme: Pre-owned asset charge