1045. Small Gifts.

1045. Small gifts.

Transfers of value made by a transferor in any one year¹ by outright gifts² to any one³ person are exempt if the values transferred by them (calculated as values on which no tax is chargeable

(5) Exemptions And Reliefs

1043. Transfers between spouses or civil partners.

1044. Annual exemption.

1046. Normal expenditure out of income.

1047. Gifts in consideration of marriage or civil partnership.

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.

1049. Nature of business property relief.

1050. Meaning of 'relevant business property'.

1051. Property which is not relevant business property.

1052. Minimum period of ownership.

1053. Valuation for the purposes of business property relief.

1054. Exclusion of value of excepted assets.

1055. Transfers within seven years before transferor's death and consideration used to acquire replacement property.

1056. Avoidance of double relief.

1057. Nature of agricultural property relief.

1058. Meaning of 'agricultural property'.

1059. Minimum period of ownership, successive transfers, transfers within seven years before death of transferor and replacement property.

1060. Woodlands relief.

1061. Revaluation reliefs for transfer within seven years before death.

1062. Nature of relief for successive charges.

1063. Relief from double charge to tax.

1064. Excluded property situated outside the United Kingdom.

1065. Determination of locality of assets.

1066. Equitable interests.

1067. Persons treated as domiciled in the United Kingdom.

1068. Election to be treated as domiciled in United Kingdom.

1045. Small gifts.

(5) Exemptions And Reliefs

1043. Transfers between spouses or civil partners.

1044. Annual exemption.

1045. Small gifts.

1046. Normal expenditure out of income.

1047. Gifts in consideration of marriage or civil partnership.

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.

1049. Nature of business property relief.

1050. Meaning of 'relevant business property'.

1051. Property which is not relevant business property.

1052. Minimum period of ownership.

1053. Valuation for the purposes of business property relief.

1054. Exclusion of value of excepted assets.

1055. Transfers within seven years before transferor's death and consideration used to acquire replacement property.

1056. Avoidance of double relief.

1057. Nature of agricultural property relief.

1058. Meaning of 'agricultural property'.

1059. Minimum period of ownership, successive transfers, transfers within seven years before death of transferor and replacement property.

1060. Woodlands relief.

1061. Revaluation reliefs for transfer within seven years before death.

1062. Nature of relief for successive charges.

1063. Relief from double charge to tax.

1064. Excluded property situated outside the United Kingdom.

1065. Determination of locality of assets.

1066. Equitable interests.

1067. Persons treated as domiciled in the United Kingdom.

1068. Election to be treated as domiciled in United Kingdom.

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