Subject to the exceptions mentioned in I5.331–I5.342, if the trustees of the settlement make a disposition, a result of which the value of relevant property in the settlement is less than it would otherwise have been, there is a charge to IHT1 at the rates determined as described in I5.3132.
This prescribes the same rules for taxing depreciatory dispositions made by trustees of relevant property as those which relate to dispositions by individuals (I3.111–I3.114). The use of the word 'disposition' means that the following will be charged to tax:
- Ìý
•ÌýÌýÌýÌý a disposition effected by associated operations3 (see I3.115 onwards)
- Ìý
•ÌýÌýÌýÌý an alteration in, or in rights attached to, a close company's unquoted capital, where the trustees are participators (this will be an occasion of charge as a disposition by
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