GROSSING UP
28/06/2011
The final transfer of value for Inheritance Tax (IHT) is on death when the whole of the deceased’s estate is regarded for IHT purposes as a single gift. Practical problems occur when all the gifts made under a Will or on intestacy are not of the same type for IHT i.e. where there is a mixture of exempt and non-exempt transfers and the wording of the Will means that ‘grossing up’ is necessary.
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