From: john boyle 
Newsgroups: uk.finance
Subject: Re: IHT calculation question regarding Interest in Possession Trusts
Date: Sat, 6 May 2006 16:34:09 +0100

In message <1146924269.926824.211910@j73g2000cwa.googlegroups.com>, 
neil@invidion.co.uk writes
>Thanks John.
>
>I've read the Revenue notes several times, and find them as confusing
>as usual.
>
>Using your calculation above, I take it that you always include
>previous lifetime transfers

Yes, but only those within seven years preceding the date the settlement 
commenced.
>and any withdrawals to the total to
>calculate the effective rate, but you just apply this rate to the
>actual value of the trust property at the anniversary date - [that is
>assuming that any withdrawals have already been taxed by an exit
>charge].

Thats right.

-- 
John Boyle