IHTM04029 - Structure of the charge: what makes up a person's estate?
The value transferred by a transfer of value (IHTM04024) is quantified by reference to a person鈥檚 estate. This is so whether you are dealing with a lifetime transfer (IHTM04051) or the deemed transfer on death. (IHTM04041)
The word 鈥榚state鈥� is given its general meaning and includes all property (IHTM04030) to which the transferor is beneficially entitled, (IHTM04031) IHTA84/S5(1). The legislation then goes on to both extend (IHTM04032) and restrict (IHTM04033) the meaning of the word.