||All England Reporter
|| All ER (D) 109 (Dec)
|| UKUT 360 (TCC)
||Upper Tribunal (Tax and Chancery Chamber)
||Robin Mathew QC and Georgia Bedworth (instructed by Bracher Rawlins LLP) for the beneficiaries.
||Matthew Slater (instructed by the Solicitor to the Revenue and Customs Commissioners) for the Revenue.
||19 October 2012
Inheritance Tax - Exemptions and Relief - Lifetime Transfer - Property subject to a reservation of benefit gifted by taxpayer - Whether inheritance tax payable - Whether future underlease had been, in relevant period, enjoyed to entire exclusion of donor - ,
Inheritance Tax Exemptions and Relief. The Upper Tribunal (Tax and Chancery Chamber) upheld the decision of the First-tier Tribunal (Tax Chamber) (the FTT) which decided that inheritance tax should be paid on a transfer of a lease which had taken place within seven years of the death of the testatrix as the gift in question was a gift with a reservation of benefit, thereby subject to tax as provided by of the Finance Act 1986. Accordingly the appellants' appeal against the decision of the FTT was dismissed.
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