Commentary

I3.321 Other exemptions available during lifetime only—introduction

IHT, trusts and estates

I3.321 Other exemptions available during lifetime only—introduction

Other exemptions available during lifetime only

I3.321 Other exemptions available during lifetime only—introduction

The exemptions described in I3.322–I3.328 are available for lifetime transfers of value, but not for a deemed transfer of value on death. All but the normal expenditure out of income exemption are incapable of applying to large values, and all but the marriage gifts exemption are different ways of leaving small gifts (or relatively small gifts) out of account. The annual and marriage gift exemptions are capable of applying to settled property subject to a qualifying interest in possession (QIIP — see I3.323), but the others

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