1044. Annual exemption.

Transfers of value1 made by a transferor2 in any one year3 are exempt to the extent that the values transferred by them (calculated as values on which no tax is chargeable4) do not exceed £3,0005. Where those values fall short of £3,000, the amount by which they fall short is, in relation to the next following year, added to the £3,000 available for the following year