# The Inheritance Tax (Double Charges Relief) Regulations 1987, Part IV


May 1986
S transfers into discretionary trust property worth £150,000. Immediate charge at the rates then in force.
Tax paid £13,750
Oct 1986
S gives T a life interest in shares worth £85,000. Immediate charge at the rates then in force.
Tax paid £19,500
Jan 1991
S makes a PET to R of £20,000.
Dec 1992
T dies, and the settled shares return to S who is the settlor and therefore no tax charge on the shares on T’s death.
Aug 1993
S dies. His death estate includes the shares returned from T which are currently worth £75,000, and other assets worth £144,000.

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Source: https://www.legislation.gov.uk/uksi/1987/1130/schedule/part/IV (the official version)
Page: https://openlegislation.uk/inheritance-tax-double-charges-relief-regulations-1987/schedule/part-IV
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.