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Trustees of a relevant property trust are charged to inheritance tax on each tenth anniversary after the trust was created. This charge is known as any of the following:

1. •

   the principal charge

2. •

   the periodic charge

3. •

   the 10-year charge

4. •

   the decennial charge

IHTA 1984, s 64(1)

This guidance note explains how to work out the amount of tax payable when the ten year anniversary fell before 18 November 2015 and the trust was created after 27 March 1974. Changes to the elements of the calculation were introduced in F(No 2)A 2015. The current method of calculation for occasions of charge arising on or after 18 November 2015 is described in the Principal (10-year) charge guidance note.

See the Relevant property guidance note for an explanation of what relevant property