EXCLUDED PROPERTY
28/03/2011
Inheritance Tax (IHT) applies to transfers of value made by a person domiciled within the UK or a deemed domiciled person unless the transfer is exempt or potentially exempt. Some interests held by a person are excluded from the IHT regime and therefore even if they are the subject of a transfer of value they are not subject to IHT – s.6(1) IHTA 1984. ‘Excluded property’ is therefore not included in the transferor’s estate on death nor is it taxable as part of the relevant property regime charges if it forms part of a settlement.
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