IHTM14000 - Lifetime transfers: contents
Introduction
Basis of valuation
Investigating form IHT403
Investigating IHT100
Specific lifetime exemptions
Gifts With Reservation
How lifetime transfers are brought into the charge for tax
Specific lifetime reliefs
Investigation issues
Introduction
| IHTM14001 | Introduction |
Basis of valuation
| IHTM14011 | Summary |
| IHTM14012 | Burden of tax |
| IHTM14013 | Treatment of expenses |
Investigating form IHT403
| IHTM14021 | Practice |
| IHTM14022 | Mandatory referrals |
| IHTM14023 | Considering further gifts |
| IHTM14024 | Potentially exempt transfers |
| IHTM14025 | Gifts with reservation |
| IHTM14026 | Earlier chargeable transfers |
Investigating IHT100
| IHTM14051 | Introduction |
| IHTM14052 | IHT100a |
| IHTM14053 | IHT100b |
| IHTM14054 | Considering further gifts |
| IHTM14055 | Excepted transfers |
Specific lifetime exemptions
| IHTM14131 | Summary |
| IHTM14132 | Order in which exemptions apply |
| IHTM14180 | Specific lifetime exemptions: small gifts exemption |
Annual exemption
| IHTM14141 | Summary |
| IHTM14142 | Relievable property |
| IHTM14143 | Multiple transfers |
| IHTM14144 | Roll over provisions |
| IHTM14151 | Schemes to exploit annual exemption |
| IHTM14152 | Transfer by sale |
| IHTM14170 | Settled property requirement |
Annual exemption: Schemes to exploit annual exemption: Transfer of part of a property
| IHTM14161 | Summary |
| IHTM14162 | Transfer of sum of money |
| IHTM14163 | Transfer of share equal to a sum of money |
| IHTM14164 | Transfer of shares quantified by loss in value |
| IHTM14165 | Split proceeds from property on trust for sale |
Gifts in consideration of marriage or registration of civil partnership
| IHTM14191 | Summary |
| IHTM14192 | Practice |
| IHTM14193 | Permissible beneficiaries for s.22 purposes |
| IHTM14201 | Rennell |
| IHTM14211 | IHTA restrictions of Rennell |
| IHTM14220 | Relationship with spouse or civil partner exemptions |
| IHTM14221 | Termination of IIP in settled property |
Gifts in consideration of marriage: Rennell
| IHTM14201 | Summary |
| IHTM14202 | Gifts by way of settlement |
Gifts in consideration of marriage or civil partnership: IHTA restrictions of Rennell
| IHTM14211 | Outright gifts and other dispositions |
| IHTM14212 | The eventual recipient |
| IHTM14213 | IHTA84/S22 (4)(b) provisions |
| IHTM14214 | Payments under covenant |
Normal expenditure out of income
| IHTM14231 | Introduction |
| IHTM14234 | Practice |
| IHTM14235 | Life policy linked with an annuity |
| IHTM14236 | Loans |
Conditions for normal out of income exemption
| IHTM14241 | Normal expenditure |
| IHTM14242 | Pattern of gifts |
| IHTM14243 | Factors to consider |
| IHTM14244 | Case Law - Bennett v IRC |
| IHTM14250 | Out of income |
| IHTM14251 | Case Law - McDowall |
| IHTM14255 | Transferor's standard of living |
Gifts With Reservation
| IHTM14301 | Requirements for a GWR |
| IHTM14302 | Identifying and investigating a GWR |
| IHTM14303 | Devolution of GWR property |
| IHTM14360 | Interests in land |
The gift
| IHTM14311 | Initial requirements |
| IHTM14312 | The donor |
| IHTM14313 | The property given |
| IHTM14314 | Examples of the property given |
| IHTM14315 | Defining the gift |
| IHTM14316 | Sales for less than full consideration |
| IHTM14317 | Interest free loans |
| IHTM14318 | Exempt transfers which cannot be GWRs |
| IHTM14319 | Exempt transfers which can be GWRs |
The reservation
| IHTM14331 | Initial requirements |
| IHTM14332 | Possession and enjoyment by the donee |
| IHTM14333 | Exclusion of the donor |
| IHTM14334 | Examples of exclusion of the donor |
| IHTM14335 | Non-exclusion need not be continuous |
| IHTM14336 | Effect of consideration |
| IHTM14337 | Continuation of reasonable commercial arrangements |
| IHTM14338 | Benefit by associated operations |
| IHTM14339 | Benefit to donor's spouse or civil partner |
| IHTM14340 | When occupation is not a reservation |
| IHTM14341 | Full consideration in cases of land and chattels |
| IHTM14342 | Infirm relative |
| IHTM14343 | Annual exemption |
Tracing
| IHTM14371 | Introduction |
| IHTM14372 | Absolute gifts of cash |
| IHTM14373 | Absolute gifts of property other than cash |
| IHTM14374 | Supplementary provisions |
Settled property
| IHTM14391 | Introduction |
| IHTM14392 | The donee and the property given |
| IHTM14393 | Settlement on discretionary trusts |
| IHTM14394 | Donor also a trustee |
| IHTM14395 | Reasonable commercial arrangements |
| IHTM14396 | Settlement created when the settlor is domiciled outside the UK |
Settled property: Tracing settled property
| IHTM14401 | The property comprised in the gift |
| IHTM14402 | If the property ceases to be settled |
| IHTM14403 | Settlement by the donee |
Insurance policies
| IHTM14421 | Introduction |
Insurance policies: Gifts to which the GWR rules can apply
| IHTM14431 | General gifts after 18 March 1986 |
| IHTM14432 | Normal out of income exemption on regular premiums |
| IHTM14433 | Policies made before 18 March 1986 |
| IHTM14434 | Automatic increases in policy value |
| IHTM14435 | Change in life assured |
| IHTM14440 | The property given |
Insurance policies: The reservation
| IHTM14451 | Introduction |
| IHTM14452 | Special rule for policies with linked benefits |
| IHTM14453 | Reservation examples |
How lifetime transfers are brought into the charge for tax
| IHTM14501 | Cumulation and calculating the tax (chart) |
| IHTM14502 | Cumulation |
| IHTM14503 | Cumulation with the death estate |
| IHTM14590 | GWRs |
| IHTM14591 | Simultaneous/ same day transfers |
| IHTM14592 | Liability for payment of tax |
| IHTM14593 | Grossing-up the values |
| IHTM14594 | Explaining tax calculations |
| IHTM14595 | Late reported transfers |
PETs
| IHTM14511 | Tax treatment of a PET |
| IHTM14512 | Tax treatment of a PET followed by death |
| IHTM14513 | Cumulation |
| IHTM14514 | Cumulating transfers more than seven years before death |
| IHTM14515 | IHT threshold |
| IHTM14516 | Rate of tax |
| IHTM14517 | Taper relief |
| IHTM14518 | Fall in value relief |
| IHTM14519 | Special rate |
Immediately chargeable transfers
| IHTM14531 | Introduction |
| IHTM14532 | Value for tax |
| IHTM14533 | Cumulation |
| IHTM14534 | Rate of tax |
| IHTM14541 | Grossing |
| IHTM14550 | Late reported transfers |
| IHTM14551 | Death subsequent to the transfer |
Immediately chargeable transfers: Grossing
| IHTM14541 | When to gross-up |
| IHTM14542 | When not to gross-up |
| IHTM14543 | Partial grossing |
| IHTM14544 | The grossing calculation |
| IHTM14545 | Tax paid after death of the transferor |
| IHTM14546 | Settled property |
| IHTM14547 | Authority for grossing |
Additional charges
| IHTM14571 | Introduction |
| IHTM14572 | Value for tax |
| IHTM14573 | Cumulation |
| IHTM14574 | Rate of tax |
| IHTM14575 | Taper relief |
| IHTM14576 | The additional tax payable |
| IHTM14577 | The additional tax payable (example 1) |
| IHTM14578 | The additional tax payable (example 2) |
| IHTM14579 | Business/agricultural relief |
| IHTM14580 | Fall in value relief |
Specific lifetime reliefs
Taper relief
| IHTM14611 | When the relief applies |
| IHTM14612 | Quantifying the relief |
| IHTM14613 | Period of survival |
Fall in value relief
| IHTM14621 | Introduction |
| IHTM14622 | Form of the relief |
| IHTM14623 | Considering the claim for relief (chart) |
| IHTM14624 | Conditions for relief |
| IHTM14625 | What is a qualifying sale? |
| IHTM14626 | What is market value? |
| IHTM14627 | The claim |
| IHTM14628 | Wasting assets |
| IHTM14629 | Portfolio of assets |
Shares and securities
| IHTM14641 | Adjustments |
| IHTM14642 | Capital receipts |
| IHTM14643 | Payment of calls |
| IHTM14644 | Changes in shareholdings |
| IHTM14645 | Transactions of close companies |
Interests in land
| IHTM14661 | Changes between transfer and death |
| IHTM14662 | Depreciatory changes |
| IHTM14663 | Appreciatory changes |
| IHTM14664 | Compensation |
| IHTM14670 | Leases |
| IHTM14671 | Other property |
Double charges relief
| IHTM14691 | When double charges arise |
| IHTM14692 | Applying the relief |
| IHTM14693 | Authority for the relief |
PETs
| IHTM14701 | When double charges relief arises |
| IHTM14702 | Partial consideration |
| IHTM14703 | Property representing the property transferred |
| IHTM14704 | Calculations |
| IHTM14705 | QSR |
GWRs
| IHTM14711 | When double charges relief arises |
| IHTM14712 | Calculations |
| IHTM14713 | Example of calculations 1 |
| IHTM14714 | Example of calculations 2 |
Disallowed debts
| IHTM14721 | When double charges relief arises |
| IHTM14722 | Calculations |
| IHTM14730 | Transfers chargeable when made |
| IHTM14731 | Calculations producing the same amount |
| IHTM14732 | Discretionary trusts |
Investigation issues
| IHTM14801 | Introduction |
| IHTM14802 | Possible omissions of lifetime transfers |
| IHTM14810 | Omission to exercise a right |
| IHTM14890 | Voidable transfers |
| IHTM14900 | Donatio mortis causa (DMC) |
Associated operations
| IHTM14821 | Why are the provisions necessary? |
| IHTM14822 | Definition |
| IHTM14823 | The objective test |
| IHTM14824 | The subjective test |
| IHTM14825 | Additional provisions |
| IHTM14826 | Definition of terms |
| IHTM14827 | Transfer of value made by associated operations |
| IHTM14828 | Restrictions on association |
| IHTM14829 | Re Macpherson |
| IHTM14830 | Insurance policies |
| IHTM14831 | Gifts With Reservation |
| IHTM14832 | Transfers involving relievable property |
| IHTM14833 | Gifts between spouses or civil partners |
| IHTM14834 | Sale without immediate payment of the purchase price |
| IHTM14835 | Transfer in stages |
| IHTM14836 | Successive settlements |
Transfers by close companies
| IHTM14851 | Introduction |
| IHTM14852 | Transfers of value |
| IHTM14853 | Exemptions |
| IHTM14854 | Foreign aspects |
| IHTM14855 | Alterations in share capital, loan capital or rights |
| IHTM14856 | Liability to tax |
Future payments
| IHTM14871 | Introduction |
| IHTM14872 | Calculating the chargeable portion |
| IHTM14873 | Exemptions |
| IHTM14874 | Payments outstanding at death |
Dating of dispositions
| IHTM14881 | Introduction |
| IHTM14882 | Gifts by cheque |
| IHTM14883 | Dispositions affecting land |
| IHTM14884 | Chattels/corporeal moveables |
| IHTM14885 | Choses in action/incorporeal moveables |
Investigation issues
| IHTM14890 | Voidable transfers |
| IHTM14900 | Donatio Mortis Causa (DMC) |
