Exempt transfer of value (for inheritance tax) | Practical Law
Exempt transfer of value (for inheritance tax)
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Exempt transfer of value (for inheritance tax)
Practical Law UK Glossary 0-382-5701
(Approx. 3 pages)
Glossary
Exempt transfer of value (for inheritance tax)
A
transfer of value
(broadly, a gift) made in lifetime or on death that is exempt from
inheritance tax
. For example, gifts to certain favoured
beneficiaries
such as a spouses,
civil partners
and UK charities are exempt transfers.
The rules are contained in Chapter I, Part II of the Inheritance Tax Act 1984 (sections 18 to 29A). For further information see
Practice note, Inheritance tax: overview: Exemptions available for both lifetime gifts and on death
and
Exemptions available for lifetime gifts only
. See also
HMRC: Inheritance Tax Manual: IHTM11000 - Exemptions: contents
.