On a person's death the assets comprised in his estate (other than excluded property) are valued and, subject to any exemptions, tax is charged as though he had made a transfer of value equal to the net value of his estate immediately before his death1 — see I4.101.
HMRC will only consider the values of the assets in a person's estate when IHT is due. Where an estate is returned to HMRC as an excepted estate and no IHT is due, HMRC will not consider the value of any asset within the estate at the date of death. They will not therefore amend the value of the property previously
To continue reading
View the latest version of this document, as well as thousands of others like it, sign in to Tolley+™ Research or register for a free trial
Web page updated on 17 Mar 2025 17:05