Example 1—earlier death of transferee
In April Year 1 Michael purchased a farm, which he occupied himself.
In June Year 3 he retired, and gave it to his son Newton, who immediately assumed occupation of the farm. Newton died in September Year 4, and the farm was sold by his executors two months later.
Michael died in February Year 5.
The transfer from Michael to Newton qualifies for relief at the rate of 100% (as Michael had owned and occupied the property for over two years).
Although the farm had been sold before Michael's death, relief remains available at the rate of 100% on his transfer because it is only necessary to consider the period from Michael's transfer to the death of the transferee (Newton), under IHTA 1984, s 124A(4). Newton still
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