Each period of ten years (see ¶62510) is divided into 40 quarters so that property is only charged to IHT for the period that the property is within the relevant property regime but see below for the position in relation to unaccumulated income deemed subject to periodic charge if not formally accumulated within five years of receipt. Inheritance tax will be charged on the value of the property at the time of the charge, reduced by one-fortieth for each quarter that the property is outside the relevant property regime (a quarter being any period of three months).


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