The legislation contains a number of terms that appear throughout the charging provisions. These terms are fundamental to the structure of the charge and it is important that you understand their meaning and how they fit together.

There are three core provisions that impose the charge on lifetime transfers. Inheritance Tax is charged on

the value transferred (IHTM04028) by a chargeable transfer, (IHTM04027) IHTA84/S1

a chargeable transfer is a transfer of value (IHTM04024) made by an individual which is not an exempt transfer, (IHTM04026) IHTA84/S2 (1), and

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