1048. Gifts to charities or registered clubs, political parties, housing associations, social landlords and social housing providers, for national purposes, for the maintenance of historic buildings and for employee trusts.

Subject to conditions, transfers of value are exempt to the extent that the values transferred by them are attributable to property which is given1 to charities or registered clubs2, political parties3, housing associations, social landlords and social housing providers4, certain bodies such as museums and art galleries5, for the maintenance of historic buildings6 and to employee trusts7.

Many of these exemptions, as well as the exemption for spousal gifts, do not apply to property which is given in consideration of the transfer of a reversionary interest if that interest does not form part of the estate of the person acquiring