The first stage is to establish the value of the property in the settlement immediately after it commenced (I5.304), the value of any property subsequently added to the settlement (even if it is no longer in the settlement) and the value of the property in any related settlement (I5.306) immediately after it commenced1.
For chargeable events arising on or after 18 November 2015 only the value of relevant property which has become comprised in the settlement or related settlement is brought into the calculation. If that property was not relevant property immediately after it became comprised in the settlement, but has since that time and before the occasion of charge become relevant property, it is brought in at its value when it became relevant property.
For chargeable events before 18 November 2015 all the property which had become comprised
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