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Chapter IHTM30035

Document Cited authorities 1 Cited in Related
Vincent
Published date20 March 2016
Record NumberIHTM30035
CourtHM Revenue & Customs
IssuerHM Revenue & Customs

So far as the Inheritance Tax on the transfer on death is attributable to the value of any property, IHTA84/S200 (1)(c) imposes liability on

  • any person in whom the property is vested ,whether beneficially or otherwise, at any time after the death
  • any person who is beneficially entitled to an interest in possession in the property at any time after the death.

Reference to any property includes any property directly or indirectly representing it (IHTA84/S200 (4).

The persons IHTA84/S200 (1)(c) most commonly applies to are

  • beneficiaries
  • persons who held property in a fiduciary capacity, such as trustees.

Other persons liable under IHTA84/S200 (1)(c) include purchasers, subject to limitation (IHTM30036).

It is HMRC’s view that, in Scotland, property passing under a contractual survivorship destination (IHTM15093) on a death comes under IHTA84/S200 (1)(c), and that liability for tax on any such property lies with the survivor.

Under IHT...

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