IHTM14024 - Investigating form
IHT403: potentially exempt transfers
A potentially exempt transfer (
IHTM04057) is a transfer of value made
on or after 18 March 1986, otherwise chargeable, from one
individual
- to another individual (
IHTM04053), or
- to a maintenance and accumulation trust, or
- to a trust for the disabled within
IHTA84/S89.
Consider the tax treatment of a PET (
IHTM14511) and a PET followed by a
death (
IHTM14512).
If the deceased had made any failed PETs, not covered by
small gift (
IHTM14180) or annual exemptions (
IHTM14141) you would expect to see
these listed in box 7 of the form IHT403.
- You must check that the values returned
are correct and any exemptions correctly claimed.
- Refer property such as land and buildings
to the District Valuer (
IHTM23002) and unquoted shares to
Shares Valuation (
IHTM18141) for verification of the date
of gift value.
