| Commentary

35.4 Inheritance tax

| Commentary

35.4 Inheritance tax

As with the lifetime gift of a business or assets used in that business1, a lifetime gift of a share in a partnership will presumably be a transfer of value2 for inheritance tax purposes, but will usually be a potentially exempt transfer3 and therefore only chargeable if the transferor dies within seven years of the transfer4. As a result, where a partner gives away his share in the partnership business and survives for at least seven years, there will be no inheritance tax consequences, but if he dies within that period then the transferee may face a

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