IHTM10812 - Transfers on death: 'appropriate property'

Under IHTA84/S216 (3), personal representatives (IHTM05012) have to specify details of the following ‘appropriate property’ in the IHT400

• all property that formed part of the deceased’s estate immediately before death, this includes property passing under the Will (IHTM12041) or Intestacy (IHTM12101) (the ‘free estate’), joint property (IHTM15011) and settled property (IHTM16000) in which the deceased had a qualifying interest in possession. (For deaths before 9 March 1999, there is an exception for property that is included in the death estate only because it was the subject of a gift with reservation (IHTM14301).)
• all chargeable lifetime transfers (IHTM14001) made within 7 years of the date of death.

The only exception to this is in the rare case where executors are appointed in respect only of settled land in England and Wales. In this case they need only account for that land.

Although the personal representatives have to provide details of settled property and lifetime transfers in the IHT400, the trustees (IHTM10831) and transferees (IHTM10821) remain separately accountable for these items.