IHTM31231 | Assessing: COMPASS: chargeable lifetime transfers: introduction
From HM Revenue & Customs · Inheritance Tax Manual
Death
COMPASS will allow you to prepare calculations on a death case for transfers after 18 March 1986 () for
the death estate (this includes free estate, settled property (IHTM04080), GWRs () where the reservation ceases on death) and other property aggregable with it
failed PETs () (including GWRs where the reservation ceases during lifetime), and
additional charges ().
Lifetime
At a lifetime case, COMPASS will allow you to prepare calculations in respect of transfers after 18 March 1986 which are
immediately chargeable transfers () (taxable at half death rate ()).
But, where you need to make an calculation for such a transfer, you will need to create a new case record () on COMPASS.