A technical term used in the Inheritance Tax Act 1984 (IHTA 1984) (and defined in section 3 of the IHTA 1984) to describe gifts and other voluntary dispositions of property from one person to another.

Inheritance tax (IHT) is charged on "transfers of value", which can occur during lifetime (for example, a gift from one individual to another) or on death.

A transfer of value can be a chargeable transfer or an exempt transfer. If a transfer is chargeable, there may be reliefs available to reduce the amount of IHT payable.