The following Trusts and Inheritance Tax guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
This note will explain when transfers are exempt. However, it should be noted that some exemptions do not apply in relation to the estate charge on death.
A transfer is exempt from IHT where it is:
The above transfers are totally exempt from IHT. The following are exempt up to a specified amount:
Where a lifetime transfer is treated as exempt at the time it is made because it is a PET, that transfer becomes fully exempt if the donor survives for seven years or more after making it.
For more information on PETs, see the Potentially exempt transfers guidance note.
A transfer is exempt where ownership of property passes outright to a spouse (or civil partner) either during lifetime or on death. The exemption is also given where a transfer of property results in the estate of the spouse being increased in value in some other way. This would apply to a gift into bare trust fo
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