Commentary

I3.331 Application of general exemptions during lifetime—introduction

IHT, trusts and estates

I3.331 Application of general exemptions during lifetime—introduction

Application of general exemptions during lifetime

I3.331 Application of general exemptions during lifetime—introduction

The following exemptions can apply to lifetime (and death) transfers of value:

  1.  

    •     exemption for transfers between spouses or civil partners1, and

  2.  

    •     exemption for gifts mostly to charities and other similar bodies or institutions with public interest or public benefit purposes2

They are general exemptions in that they can apply to transfers on death as well as to lifetime ones, and also can apply to deemed transfers of value of settled property subject to a qualifying interest in possession (see I5.102), during the life or on

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