Commentary

I4.235 Gifts in excess of an exemption limit

IHT, trusts and estates

I4.235 Gifts in excess of an exemption limit

I4.235 Gifts in excess of an exemption limit

A further exercise may have to be undertaken before the calculation of the exempt and chargeable parts of the transfer of value can be made. As has already been mentioned (see I4.231), a transfer made on death may be partly exempt because the value of a gift or gifts exceeds a stated limit (or the balance thereof)—namely where a UK domiciled spouse or civil partner makes gifts to a non-UK domiciled spouse or civil partner in excess of the current nil rate band (less the value of any previous gifts counted under

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