IHTM06102 | Excepted transfers and terminations - qualifying transactions
From HM Revenue & Customs · Inheritance Tax Manual
The regulations specify three circumstances in which an immediately chargeable transfer or termination can qualify as an excepted transfer or termination
where the value transferred or the property in which the interest subsists is attributable to cash or quoted shares or securities,
where the value transferred or the property in which the interest subsists is attributable to any other property, and
where the value transferred in consequence of a termination does not exceed any exemptions that are available.