If HMRC becomes aware of a lifetime transfer after it should have been reported it may mean that a subsequent transfer by the transferor, in particular the deemed transfer on his death, has been undercharged to IHT.
If the lifetime transfer which has not been reported was made more than seven years before the death, the calculation of the IHT due in respect of the estate is unaffected by the discovery (see I3.551–I3.554).
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