Commentary

I1.508 Exemptions and reliefs

IHT, trusts and estates

I1.508 Exemptions and reliefs

I1.508 Exemptions and reliefs

There are various exemptions applicable to lifetime transfers, and which take them out of charge to IHT even though the transfer is within seven years before the death of the transferor. Some are specific to lifetime transfers: annual exemption — maximum £3,000 per tax year plus any unused from the previous year1 (see I3.322, I3.323), small gifts — maximum £250 to any one person in one year2 (see I3.324), normal expenditure out of income3 (see I3.325), gifts in consideration of marriage or civil partnership — maximum £5,000 for parents of either party to the marriage or

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