IHTM06126 - Excepted settlements - age 18 to 25 settlements

Where a charge arises under s.71E in respect of an age 18-25 trust and the settlement passes the general conditions ( IHTM06122), it will qualify as an excepted settlement where the value of the notional aggregate chargeable transfer ( IHTM42114) as adjusted in accordance with s.71F(8) does not exceed 80% of the nil rate band.

For the purposes of calculating the value of the notional chargeable transfer, no relief that might be due should be deducted and any liabilities that may be deductible from assets in charge should also be ignored.