The value transferred by a transfer of value ( IHTM04024) is quantified by reference to a person’s estate. This is so whether you are dealing with a lifetime transfer ( IHTM04051) or the deemed transfer on death. ( IHTM04041) The word estate is given its general meaning and includes all property ( IHTM04030) to which the transferor is beneficially entitled, ( IHTM04031) IHTA84/S5 (1). The legislation then goes on to both extend ( IHTM04032) and restrict ( IHTM04033) the meaning of the word.
