Beta This part of GOV.UK is being rebuilt – find out what this means

HMRC internal manual

Inheritance Tax Manual

From
HM Revenue & Customs
Updated
, see all updates

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