Where settled property is held temporarily for charitable purposes only, it will be charged to IHT:

where it ceases to be held for charitable purposes, unless it is applied for charitable purposes; and

in any other case, where the trustees make a disposition (otherwise than for charitable purposes) as a result of which the value of the settled property is reduced.

Payments of costs or expenses, or which are the income of any person, are excluded from the charge, as are payments which are dispositions not intended to confer gratuitous benefits.

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