exempt transfer of value (for inheritance tax)
exempt transfer of value (for inheritance tax)
England, Wales
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 (beneficiary) 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.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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