»Ê¹ÚÌåÓýapp

»Ê¹ÚÌåÓýappre is generally no statutory clearance for an excepted transfer or termination because the death of the transferor with 7 years of making the transfer will cause any potentially exempt transfers (IHTM04057) to fail and cumulate with other chargeable transfers. »Ê¹ÚÌåÓýapp only exception is where the value transferred by termination of a life interest is covered by the exemptions available to the life tenant (IHTM06107). Where this applies, unless we issue a notice to the trustees to deliver an account within 6 months of the date of the termination, the trustees are discharged from any claim to tax on the disposal.

»Ê¹ÚÌåÓýapp discharge does not apply, however, if we are given false information or if all the material facts are not disclosed, and only applies to the trustee’s liability for tax.