Paragraph 3

Except where otherwise stated, the examples assume that—

• tax rates and bands remain as at 18 March 1987;

• the transferor has made no other transfers than those shown in the examples;

• no exemptions (including annual exemption) or reliefs apply to the value transferred by the relevant transfer; and

• “grossing up” does not apply in determining any lifetime tax (the tax is not borne by the transferor).