IHTM31231 - Chargeable lifetime transfers: introduction

Death

COMPASS will allow you to prepare assessments on a death case for transfers after 18 March 1986 ( IHTM31014) for

• the death estate (this includes free estate, settled property (IHTM04080), GWRs ( IHTM14301) where the reservation ceases on death) and other property aggregable with it
• failed PETs ( IHTM14512) (including GWRs where the reservation ceases during lifetime), and
• additional charges ( IHTM14571).

Lifetime

At a lifetime case, COMPASS will allow you to prepare assessments in respect of transfers after 18 March 1986 which are

• immediately chargeable transfers ( IHTM04067) (taxable at half death rate ( IHTM14534)).

Where you need to make an assessment for such a transfer however, you will need to create a new case record ( IHTM31235) on COMPASS.