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Inheritance Tax Made Simple by Andrew Komarnyckyj

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4.5 Liability to deliver accounts

Curiously there is sometimes a distinction made between the person who is deemed to be liable to submit an IHT account, and the person who is liable to pay the tax.

4.5.1 Lifetime transfers – PETs

If an individual makes a PET, he has no liability to deliver an IHT account for a PET, and nor has the transferee.

If the individual dies and the PET becomes chargeable, the individual’s personal representatives are responsible for submitting details of the PET in an IHT account.

4.5.2 Lifetime chargeable transfers

If an individual makes a lifetime chargeable transfer (1.15), he must submit an account (currently an IHT 100) notifying HMRC of the property to which IHT is attributable, the value of the property ...

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