IHTM04000 - How Inheritance Tax is charged: contents

Summary

1. IHTM04001

   Summary

History

1. IHTM04010

   History

Structure of the charge

1. IHTM04021

   Structure of the charge: Main charging provisions
2. IHTM04022

   Structure of the charge: How a disposition becomes a chargeable transfer
3. IHTM04023

   Structure of the charge: What is a disposition?
4. IHTM04024

   Structure of the charge: What is a transfer of value?
5. IHTM04025

   Structure of the charge: What is a deemed transfer of value?
6. IHTM04026

   Structure of the charge: What is an exempt transfer?
7. IHTM04027

   Structure of the charge: What is a chargeable transfer?
8. IHTM04028

   Structure of the charge: What is the value transferred?
9. IHTM04029

   Structure of the charge: What makes up a person's estate?
10. IHTM04030

    Structure of the charge: What is property?
11. IHTM04031

    Structure of the charge: What is meant by beneficially entitled?
12. IHTM04032

    Structure of the charge: How the meaning of estate is extended
13. IHTM04033

    Structure of the charge: How the meaning of estate is restricted
14. IHTM04034

    Structure of the charge: What is a general power?
15. IHTM04035

    Structure of the charge: What is general power property?
16. IHTM04036

    Dormant Asset Scheme

Transfers on death

1. IHTM04041

   Transfers on death: The charging provisions
2. IHTM04042

   Transfers on death: Deemed transfer on death
3. IHTM04043

   Transfers on death: What makes up the estate on death?
4. IHTM04044

   Transfers on death: What is the value transferred on death?
5. IHTM04045

   Transfers on death: Valuing property together
6. IHTM04046

   Transfers on death: Changes in value by reason of death

Lifetime transfers

1. IHTM04051

   Lifetime transfers: The charging provisions
2. IHTM04052

   Lifetime transfers: What is mean by a person?
3. IHTM04053

   Lifetime transfers: What is mean by an individual?
4. IHTM04054

   Lifetime transfers: The loss to the transferor's estate
5. IHTM04055

   Lifetime transfers: Loss to estate greater than the value of property given
6. IHTM04056

   Lifetime transfers: Loss to estate less than the value of property given
7. IHTM04057

   Lifetime transfers: What is a potentially exempt transfer?
8. IHTM04058

   Lifetime transfers: When is a gift made to another individual or specified trust?
9. IHTM04059

   Lifetime transfers: When does property become comprised in the estate of an individual?
10. IHTM04060

    Lifetime transfers: When is the value of another individual's estate increased?
11. IHTM04061

    Lifetime transfers: Transfers that cannot be potentially exempt transfers
12. IHTM04062

    Lifetime transfers: Woodlands subject to a deferred Estate Duty charge
13. IHTM04063

    Lifetime transfers: Deemed transfers that are potentially exempt transfers
14. IHTM04064

    Lifetime transfers: Deemed potentially exempt transfers
15. IHTM04065

    Lifetime transfers: Purchase of a policy linked with an annuity
16. IHTM04066

    Lifetime transfers: What is the value transferred by a potentially exempt transfer?
17. IHTM04067

    Lifetime transfers: What is an immediately chargeable transfer?
18. IHTM04068

    Lifetime transfers: Transfer of value by a close company
19. IHTM04069

    Lifetime transfers: Alteration in share capital of a close company
20. IHTM04070

    Lifetime transfers: What is the value transferred by an immediately chargeable transfer?
21. IHTM04071

    Lifetime transfers: Introduction to Gifts with Reservation (GWR)
22. IHTM04072

    Lifetime transfers: The charging provisions for GWRs
23. IHTM04073

    Lifetime transfers: What is the value transferred by a GWR?

Settled property

1. IHTM04081

   Settled property: Introduction
2. IHTM04082

   Settled property: The charging provisions for an interest in possession trust on death
3. IHTM04083

   Settled property: The charging provisions for an interest in possession trust during lifetime
4. IHTM04084

   Settled property: The charge where an interest in possession comes to an end
5. IHTM04085

   Settled property: The charge where an interest is possession is disposed of
6. IHTM04086

   Settled property: The charge where the value of settled property is reduced
7. IHTM04087

   Settled property: Changes to settled property where IHT is not charged on an interest in possession trust
8. IHTM04088

   Settled property: The charge where an interest in possession comes to end following a potentially exempt transfer
9. IHTM04089

   Settled property: The charge where a both a close company and an interest in possession are involved
10. IHTM04090

    Settled property: Transfer of value by a close company apportioned to trustees
11. IHTM04091

    Settled property: Alteration in a close company's capital apportioned to trustees
12. IHTM04092

    Settled property: The charge where a close company is entitled to an interest in possession
13. IHTM04093

    Settled property: What is the value transferred when an interest in possession ceases?
14. IHTM04094

    Settled property: What valuation issues when an interest is possession ceases
15. IHTM04095

    Settled property: The charging provisions for discretionary trusts
16. IHTM04096

    Settled property: Charges on property held in discretionary trusts
17. IHTM04097

    Settled property: What is value of property held in discretionary trusts on which tax is charged?
18. IHTM04098

    Settled property: Charges on special trusts
19. IHTM04099

    Settled property: Charges on accumulation and maintenance trusts
20. IHTM04100

    Settled property: Charges on employee and newspaper trusts
21. IHTM04101

    Settled property: Charges on protective trusts
22. IHTM04102

    Settled property: Charges on trusts for disabled persons
23. IHTM04103

    Settled property: Charges on temporary charitable trusts
24. IHTM04104

    Settled property: Maintenance funds for historic buildings

Heritage property

1. IHTM04111

   Heritage property: Summary
2. IHTM04112

   Heritage property: When a charge to tax arises
3. IHTM04113

   Heritage property: Chargeable events under s.32
4. IHTM04114

   Heritage property: Exceptions to the charge under s.32
5. IHTM04115

   Heritage property: Chargeable events under s.32A
6. IHTM04116

   Heritage property: Exceptions to the charge under s.32A
7. IHTM04117

   Heritage property: Special situations
8. IHTM04118

   Heritage property: Double charges

Woodlands

1. IHTM04121

   Woodlands: Summary
2. IHTM04122

   Woodlands: The deferred charge

Property excluded from charge

1. IHTM04141

   Property excluded from charge: Provisions which exclude the Inheritance Tax Act

Property excluded from charge: Dispositions that are not transfers of value

1. IHTM04151

   Property excluded from charge: Dispositions that are not transfers of value: Introduction
2. IHTM04200

   Property excluded from charge: Dispositions that are not transfers of value: Dispositions by close companies for the benefit of employees
3. IHTM04210

   Property excluded from charge: Dispositions that are not transfers of value: Waiver or repayment of an amount of remuneration
4. IHTM04220

   Property excluded from charge: Dispositions that are not transfers of value: Waiver of dividends
5. IHTM04230

   Property excluded from charge: Dispositions that are not transfers of value: Grant of an agricultural tenancy
6. IHTM04240

   Property excluded from charge: Dispositions that are not transfers of value: Changes in the distribution of the deceased's estate
7. IHTM04250

   Property excluded from charge: Dispositions that are not transfers of value: Refund to trustees of Income Tax repayments received by settlor

Property excluded from charge: Dispositions not intended to confer bounty

1. IHTM04161

   Property excluded from charge: Dispositions not intended to confer bounty: Outline of s.10
2. IHTM04162

   Property excluded from charge: Dispositions not intended to confer bounty: Application of the relief
3. IHTM04163

   Property excluded from charge: Dispositions not intended to confer bounty: S.10 qualified or excluded
4. IHTM04164

   Property excluded from charge: Dispositions not intended to confer bounty: Definitions
5. IHTM04165

   Property excluded from charge: Dispositions not intended to confer bounty: First condition - gift not intended
6. IHTM04166

   Property excluded from charge: Dispositions not intended to confer bounty: Second condition - arm's length transaction
7. IHTM04167

   Property excluded from charge: Dispositions not intended to confer bounty: Application to settled property

Property excluded from charge: Dispositions for the maintenance of the transferor's family

1. IHTM04171

   Property excluded from charge: Dispositions for the maintenance of the transferor's family: Outline of s.11
2. IHTM04172

   Property excluded from charge: Dispositions for the maintenance of the transferor's family: Definitions
3. IHTM04173

   Property excluded from charge: Dispositions for the maintenance of the transferor's family: Maintenance of a spouse of civil partner
4. IHTM04175

   Property excluded from charge: Dispositions for the maintenance of the transferor's family: Maintenance, etc., of the transferor's children
5. IHTM04176

   Property excluded from charge: Dispositions for the maintenance of the transferor's family: Maintenance, etc., of other people's children
6. IHTM04177

   Property excluded from charge: Dispositions for the maintenance of the transferor's family: Care and maintenance of a dependent relative
7. IHTM04178

   Property excluded from charge: Dispositions for the maintenance of the transferor's family: Meaning of a dependent relative
8. IHTM04179

   Property excluded from charge: Dispositions for the maintenance of the transferor's family: Meaning on incapacity
9. IHTM04180

   Property excluded from charge: Dispositions for the maintenance of the transferor's family: Dispositions satisfying s.11 in part
10. IHTM04181

    Property excluded from charge: Dispositions for the maintenance of the transferor's family: Application to settled property

Property excluded from charge: Dispositions allowable for income tax or conferring retirement benefits

1. IHTM04191

   Property excluded from charge: Dispositions allowable for income tax or conferring retirement benefits: Outline of s.12
2. IHTM04192

   Property excluded from charge: Dispositions allowable for income tax or conferring retirement benefits: Deductions allowable for income tax
3. IHTM04193

   Property excluded from charge: Dispositions allowable for income tax or conferring retirement benefits: Provision by employers for employee's retirement

Property excluded from charge: Excluded property

1. IHTM04251

   Property excluded from charge: Excluded property: Introduction
2. IHTM04260

   Property excluded from charge: Excluded property: Foreign 'unsettled' property
3. IHTM04261

   Property excluded from charge: Excluded property: Savings of individuals domiciled in Channel Islands or Isle of Man
4. IHTM04262

   Property excluded from charge: Excluded property: Holdings in Open End Investment Companies (OEICs) and Authorised Unit Trusts (AUT)
5. IHTM04263

   Property excluded from charge: Excluded property: Decorations, medals and awards

Property excluded from charge: Foreign settled property

1. IHTM04271

   Property excluded from charge: Foreign settled property: Introduction
2. IHTM04272

   Property excluded from charge: Foreign settled property: When the settlement was made
3. IHTM04273

   Property excluded from charge: Foreign settled property: The settlor's domicile
4. IHTM04274

   Property excluded from charge: Foreign settled property: Identifying the settled property

Property excluded from charge: Reversionary interests

1. IHTM04281

   Property excluded from charge: Reversionary interests: Introduction
2. IHTM04282

   Property excluded from charge: Reversionary interests: Purchased reversions
3. IHTM04283

   Property excluded from charge: Reversionary interests: Reversion under own or spouse's/civil partner's settlement
4. IHTM04284

   Property excluded from charge: Reversionary interests: Lease for life
5. IHTM04285

   Property excluded from charge: Reversionary interests: Interest subject to an annuity
6. IHTM04286

   Property excluded from charge: Reversionary interests: Reversions and foreign issues

Property excluded from charge: Government securities in foreign ownership

1. IHTM04291

   Property excluded from charge: Government securities in foreign ownership: Introduction
2. IHTM04293

   Property excluded from charge: Government securities in foreign ownership: Exclusion from the IHT charge
3. IHTM04294

   Property excluded from charge: Government securities in foreign ownership: Type of security and ownership
4. IHTM04295

   Property excluded from charge: Government securities in foreign ownership: Ordinary residence
5. IHTM04296

   Property excluded from charge: Government securities in foreign ownership: Domicile
6. IHTM04297

   Property excluded from charge: Government securities in foreign ownership: Close company with an interest in possession
7. IHTM04298

   Property excluded from charge: Government securities in foreign ownership: Relevant property trusts and FOTRA gilts
8. IHTM04299

   Property excluded from charge: Government securities in foreign ownership: Conversion to FOTRA gilts and the relevant property trust charge
9. IHTM04300

   Property excluded from charge: Government securities in foreign ownership: Anti-avoidance provsions
10. IHTM04301

    Property excluded from charge: Government securities in foreign ownership: Exclusion of interest on FOTRA gilts
11. IHTM04302

    Property excluded from charge: Government securities in foreign ownership: Exclusion of repayment of Income Tax on FOTRA gilts
12. IHTM04303

    Property excluded from charge: Government securities in foreign ownership: Reversionary interest in FOTRA gilts
13. IHTM04304

    Property excluded from charge: Government securities in foreign ownership: FOTRA gilts in unadministered estates
14. IHTM04305

    Property excluded from charge: Government securities in foreign ownership: FOTRA gilts as partnership assets
15. IHTM04306

    Property excluded from charge: Government securities in foreign ownership: List of FOTRA securities in issue at 5 April 1998

Property excluded from charge: Property of visiting forces

1. IHTM04321

   Property excluded from charge: Property of visiting forces: Introduction
2. IHTM04322

   Property excluded from charge: Property of visiting forces: Qualifying persons
3. IHTM04323

   Property excluded from charge: Property of visiting forces: Protection of domicile and residence
4. IHTM04324

   Property excluded from charge: Property of visiting forces: Designated countries

Property excluded from charge: Value left out of account

1. IHTM04331

   Property excluded from charge: Value left out of account: Introduction
2. IHTM04360

   Property excluded from charge: Value left out of account: Settled property to which the settlor's spouse, civil partner, widow(er) or surviving civil partner is entitled
3. IHTM04380

   Property excluded from charge: Value left out of account: Foreign currency bank accounts
4. IHTM04390

   Property excluded from charge: Value left out of account: Overseas pensions
5. IHTM04410

   Property excluded from charge: Value left out of account: Interest in possession as remuneration for services as trustee

Property excluded from charge: Estate Duty surviving spouse exemption

1. IHTM04341

   Property excluded from charge: Estate Duty surviving spouse exemption: Introduction
2. IHTM04343

   Property excluded from charge: Estate Duty surviving spouse exemption: Application on death
3. IHTM04344

   Property excluded from charge: Estate Duty surviving spouse exemption: Application to lifetime events
4. IHTM04345

   Property excluded from charge: Estate Duty surviving spouse exemption: Procedures where relief is due
5. IHTM04346

   Property excluded from charge: Estate Duty surviving spouse exemption: Procedures where relief is not due

Property excluded from charge: Reverter to settlor

1. IHTM04351

   Property excluded from charge: Reverter to settlor: Introduction
2. IHTM04352

   Property excluded from charge: Reverter to settlor: Limitations to the relief
3. IHTM04353

   Property excluded from charge: Reverter to settlor: Statutory restrictions

Property excluded from charge: Woodlands

1. IHTM04371

   Property excluded from charge: Woodlands: Summary
2. IHTM04373

   Property excluded from charge: Woodlands: The conditions for relief
3. IHTM04374

   Property excluded from charge: Woodlands: The death estate
4. IHTM04375

   Property excluded from charge: Woodlands: The election
5. IHTM04376

   Property excluded from charge: Woodlands: Beneficial entitlement under special types of interest
6. IHTM04377

   Property excluded from charge: Woodlands: European Economic Area (EEA) - deaths on or after 22 April 2009

Property excluded from charge: Compensation for wrongs suffered during World War II

1. IHTM04421

   Property excluded from charge: Compensation for wrongs suffered during World War II: Ex-gratia payment to Britons held as prisoners of war by the Japanese
2. IHTM04422

   Property excluded from charge: Compensation for wrongs suffered during World War II: Payments to slave or forced labourers or other victims of the German Nationalist Socialist (Nazi) regime
3. IHTM04423

   Property excluded from charge: Compensation for wrongs suffered during World War II: How to apply the relief

Legal background

1. IHTM04441

   Legal background: The concept of beneficial ownership (England, Wales & Northern Ireland)
2. IHTM04442

   Legal background: Connected persons
3. IHTM04470

   Legal background: The meaning of 'property'

Legal background: Estate Duty surviving spouse exemption

1. IHTM04451

   Legal background: Estate Duty surviving spouse exemption: Introduction
2. IHTM04452

   Legal background: Estate Duty surviving spouse exemption: Duty treated as paid in full on the first death
3. IHTM04453

   Legal background: Estate Duty surviving spouse exemption: Restriction on exemption because of non-payment
4. IHTM04454

   Legal background: Estate Duty surviving spouse exemption: Part of fund not dutiable on the first death
5. IHTM04455

   Legal background: Estate Duty surviving spouse exemption: Treatment of income
6. IHTM04456

   Legal background: Estate Duty surviving spouse exemption: Payment of duty in respect of any settled property since the date of the settlement
7. IHTM04457

   Legal background: Estate Duty surviving spouse exemption: Meaning of 'competent to dispose'
8. IHTM04458

   Legal background: Estate Duty surviving spouse exemption: Powers where the person is competent to dispose
9. IHTM04459

   Legal background: Estate Duty surviving spouse exemption: Powers where the person is not competent to dispose
10. IHTM04460

    Legal background: Estate Duty surviving spouse exemption: Powers exercisable to will of deed
11. IHTM04461

    Legal background: Estate Duty surviving spouse exemption: Power to appropriate capital
12. IHTM04462

    Legal background: Estate Duty surviving spouse exemption: Benefits under intestacy (England & Wales)
13. IHTM04463

    Legal background: Estate Duty surviving spouse exemption: Benefits under intestacy and legal rights (Scotland)
14. IHTM04464

    Legal background: Estate Duty surviving spouse exemption: Examples of competency to dispose
15. IHTM04465

    Legal background: Estate Duty surviving spouse exemption: Meaning of 'parties to a marriage'

Property excluded from charge: Finance (No 2) Act 2017 changes

1. IHTM04311

   Property excluded from charge: Finance (No 2) Act 2017 changes: UK residential property
2. IHTM04312

   Property excluded from charge: Finance (No 2) Act 2017 changes: close companies and partnerships
3. IHTM04313

   Property excluded from charge: Finance (No 2) Act 2017 changes: relevant loans
4. IHTM04314

   Property excluded from charge: Finance (No 2) Act 2017: disposals of company interests, partnership interests, relevant loans and repayments of relevant loans
5. IHTM04315

   Property excluded from charge: Finance (No 2) Act 2017 changes: double taxation arrangements
6. IHTM04316

   Property excluded from charge: Finance (No 2) Act 2017 changes: targeted anti-avoidance rule and Inland Revenue charge
7. IHTM04317

   Property excluded from charge: Finance (No 2) Act 2017 changes: commencement provisions