The term ‘excluded property’ is a technical term and covers certain types of property (IHTM04030) which, subject to certain conditions, are outside the charge to Inheritance Tax (IHT). The exclusion applies to

property transferred in the lifetime, IHTA84/S3 (2),

owned by individuals at death, IHTA84/S5 (1), and

property held in a settlement, IHTA84/S53 (1) and IHTA84/S58 (1)(f).

Excluded property is different from the property comprised in an exempt transfer. Only an exempt transfer is relevant for the purposes of IHTA84/S36 to S42 for grossing up (IHTM26121), interaction (IHTM26101) and so on.

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