Inheritance tax: normal expenditure out of income exemption | Practical Law

Inheritance tax: normal expenditure out of income exemption | Practical Law

The inheritance tax exemption for normal expenditure out of income (section 21, Inheritance Tax Act 1984). This note discusses the basic rules and explains the conditions that must be met for the exemption to apply. It also sets out some more specific points and outlines some practical advice for individuals who want to benefit from this exemption.

Inheritance tax: normal expenditure out of income exemption

Practical Law UK Practice Note 3-525-3986 (Approx. 12 pages)

Inheritance tax: normal expenditure out of income exemption

by Practical Law Private Client
Maintained • England, Wales
The inheritance tax exemption for normal expenditure out of income (section 21, Inheritance Tax Act 1984). This note discusses the basic rules and explains the conditions that must be met for the exemption to apply. It also sets out some more specific points and outlines some practical advice for individuals who want to benefit from this exemption.