Q&As

Are periodical payments classed as income for the purposes of the normal expenditure out of income exemption for inheritance tax?

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Published on LexisPSL on 12/07/2019

The following Private Client Q&A provides comprehensive and up to date legal information covering:

  • Are periodical payments classed as income for the purposes of the normal expenditure out of income exemption for inheritance tax?

This Q&A deals with periodical payments relating to an award of damages by the court in a personal injury case or another type of award made further to a court order.

Section 1 of the Inheritance Tax Act 1984 (IHTA 1984) imposes an inheritance tax charge on the value of a transfer of value, as defined in IHTA 1984, s 3, subject to any exemption from such a charge set out in IHTA 1984.

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