IHTM24170 - Lifetime transfers: Introduction

Except where otherwise stated, the instructions contained in IHTM24001 through to IHTM24167 apply to both death and lifetime transfers. However there are a number of additional considerations to take into account with lifetime transfers. These are the extent of relief where the value transferred exceeds the value of the property transferred (IHTM24174), and whether the property transferred satisfies the definition of agricultural property (IHTM24030) may depend on whether it is considered in isolation or as part of the transferor’s estate as a whole (IHTM24171). 

There are also additional conditions (IHTM24172) that apply to lifetime transfers when calculating 

• the taxable value transferred by a potentially exempt transfer (IHTM04057), 
• the additional tax on other lifetime chargeable transfers payable by reason of the transferor’s death, and 
• the special rules (IHTM24200) for charges under the gift with reservation provisions.