I7.514 Conditional exemption—value on which IHT is charged
When a chargeable event occurs, IHT is charged on an amount equal to the value of the property at that time1. As it is a charge on the value of the property, not a charge on the transfer of value attributable to the property on which conditional exemption was granted, there can be no reduction for BPR (see Division I7.1) or APR (see Division I7.3).
In practice, the only possible category of BPR that could apply to
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