IHTM14026 - Investigating form IHT403: earlier chargeable transfers

Page 5 of form IHT403 asks for details of any earlier chargeable transfers ( IHTM04027) made by the deceased during the seven years before the earliest date of the gifts already declared on the form. Broadly speaking this means any transfer which is not wholly covered by exemption and

• was made before 18 March 1986, or
• was made on or after 18 March 1986 and was immediately chargeable ( IHTM04067).

This page of the form should therefore not include PETs ( IHTM04057). Failed PETs should be included at page 2 of the same form, and successful PETs are exempt.

You must check that the values returned are correct and any exemptions correctly claimed.

The values of these transfers are relevant in working out the tax payable on the other gifts disclosed on the form. Cumulation ( IHTM14502) is looked at in further detail elsewhere in this section.