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Estate
Practical Law UK Glossary 2-382-5620
(Approx. 6 pages)
Glossary
Estate
In general terms, an individual's estate is the total of all their assets, less all their liabilities.
For
inheritance tax
(IHT) purposes, an individual's estate is the aggregate of all the assets to which they are beneficially entitled, less all their liabilities. The definition includes assets held in a trust in which the deceased had an
immediate post-death interest
, a
disabled person's interest
or a
transitional serial interest
. However, the estate of an individual immediately before their death does not include
excluded property
. (
Section 5
, Inheritance Tax Act 1984
).
For further guidance, see:
Practice note, Estate administration: valuing assets and liabilities for IHT: overview: Identifying the estate
.
Practice note, Probate: obtaining a grant of representation: overview: What assets does the PR report to HMRC?
.
McCutcheon on Inheritance Tax (Sweet & Maxwell, 7th edition), Chapter 8 - The Charge on Death, Partly Exempt Transfers and Posthumous Arrangements: The Charge on Death: Section IV. - The Value Transferred
.