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Where a PET (IHTM04057) becomes chargeable because of a death within seven years, and tax is payable on that transfer itself, the calculations are part of the death case on COMPASS. You should:

• set-up each chargeable transfer as a separate Entry (IHTM31011), and
• calculate the transfers separately to the death estate.

Enter any fall in value relief (IHTM14621) at the data entry stage under the ‘Revaluation on death� relief type.

Remember that COMPASS does not automatically include the PLCT, so you will have to include the correct figure yourself on the ‘Calculation of Inheritance Tax� window (IHTM31182) when you raise the calculation.

COMPASS does, however, calculate any taper relief (IHTM14611) automatically.