Part 2: Inheritance Tax Section 11 and Schedule 1: Calculation of rate of inheritance tax on settled property. Summary
This section introduces Schedule 1. The schedule aggregates the value of property in trusts that are not related, for the purpose of determining the rate at which inheritance tax is charged, when the value of property in those trusts is increased on the same day. The Schedule also simplifies some of the rules for calculating the rate of tax for the purposes of the ten year anniversary and exit charges.
	The part of the measure relating to same day additions will apply to all charges arising on or after the date of Royal Assent in respect of relevant property trusts created on or after the publication of draft legislation on 10 December 2014. To prevent forestalling, it will also apply to relevant property trusts created before 10 December 2014 where there are additions made on or after 10 December 2014 to more than one relevant property trust on the same day. The new rules which ignore non relevant property in the calculation of the rate of charge on a 10 year anniversary will apply to all charges arising on or after the date of Royal Assent regardless of when the trust was created.