CTT was renamed inheritance tax in Finance Act 19861 which came into effect on 17 March 1986. The CTT legislation was retained, amended and consolidated into IHTA 1984 and the cumulation period revised to seven years2 but with a charge only on death for lifetime transfers to individuals. The gifts with reservation rules were reintroduced3.
The regime for trusts continued. Transfers after 16 March 1987 from interest in possession trusts became PETs rather than immediately chargeable transfers4.
The
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