IHTM30074 - Definition and extent
of liability (lifetime transfers chargeable when made): limitation
on spouse's or civil partner's liability
The extent of the spouse’s or civil partner's (
IHTM11032) liability is limited to the
least of
- the transferor’s (
IHTM30071) liability
- the market value of the property acquired
as at the time of the spouse or civil partner transfer
- the market value of the property acquired
as at the time of the chargeable transfer under consideration if
the property is still then owned by the spouse or civil partner, or
the market value on an earlier qualifying sale (as defined in
IHTA84/S131 (3) by the spouse or civil partner). This alternative
applies only if the spouse or civil partner transfer was the
earlier of the two, and if the property acquired is not tangible
movable property. The market value in view of IHTA84/S203 (3) is
that found by the application of the ‘fall in value
relief’ (IHTM14620) provisions of the Act as modified for
this purpose by IHTA84/S203 (4).
