Where a qualifying interest in possession (QIIP) comes to an end during the life of the life tenant, there is a deemed transfer of value by him of the property giving rise to a potential exempt transfer (PET) is available. In addition the exemptions for property going to or for spouses or civil partners1, charities2, political parties3, registered housing associations4, national purposes5, public benefit6, or maintenance funds7 apply by virtue of IHTA 1984, s 3(4) – see I5.221.
The annual and marriage exemptions are also available, but only if the life tenant gives notice in the prescribed form to the trustees within six months of the termination of the interest8 (see I3.323).
For further information on the general exemptions above see Division I4.2.
Conditional exemption for
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Web page updated on 17 Mar 2025 16:22