Commentary on Sections Inheritance Tax Functions Section 321: Director’s functions: transfers of value
460.Inheritance tax is generally charged on a “transfer of value”, which is a disposition made by a person such that the value of their estate goes down. This section enables the Director to exercise inheritance tax functions if the qualifying condition is satisfied. The qualifying condition requires the Director to have reasonable grounds for believing that there has been a transfer of value and that the value transferred is in whole or in part attributable to criminal property. Criminal property is defined at section 326. The section includes provisions equivalent to those in subsections (2) to (4), (6) and (7) of section 317.