Dispositions that are not transfers of value

By Tolley

The following Trusts and Inheritance Tax guidance note by Tolley provides comprehensive and up to date tax information covering:

Dispositions that are not transfers of value
Dispositions not intended to confer gratuitous benefit
Dispositions for family maintenance
Dispositions allowable for income tax or corporation tax
Dispositions conferring benefits under pension schemes
Dispositions by close companies for the benefit of employees
Waiver of remuneration
Waiver of dividends
Grant of tenancies of agricultural property
Changes in the distribution of a person’s estate

The legislation specifically excludes certain types of arrangements from the scope of inheritance tax even though the effect is a diminution in the value of the transferor’s estate.

The dispositions that are not transfers of value are:

Dispositions not intended to confer gratuitous benefit	IHTA 1984, s 10
Dispositions for family maintenance	IHTA 1984, s 11
Dispositions allowable for income tax or conferring benefits under pension schemes	IHTA 1984, s 12
Dispositions by close companies for the benefit of employees	IHTA 1984, s 13
Waiver of remuneration	IHTA 1984, s 14
Waiver of dividends	IHTA 1984, s 15
Grant of tenancies of agricultural property