½Û×ÓÊÓƵ

Exempt transfers for IHT

Produced by a Tolley Trusts and Inheritance Tax expert
Trusts and Inheritance Tax
Guidance

Exempt transfers for IHT

Produced by a Tolley Trusts and Inheritance Tax expert
Trusts and Inheritance Tax
Guidance
imgtext

This guidance note details transfers which are exempt for IHT purposes. Some exemptions apply on lifetime transfers and on death but others apply only to lifetime transfers. These are clearly noted below. Potentially exempt transfers (PET) will be entirely exempt where the donor survives for seven years. Lifetime only exemptions include annual exemptions, the marriage exemption, small gifts and the normal expenditure out of income exemption. Spouse exemption applies on lifetime transfers and transfers on death to exempt the whole value of transfers between UK domiciled (to 5 April 2025) or long-term UK resident (6 April 2025 onwards) spouses. A limited exemption applies where the transferee spouse is non-domiciled (to 5 April 2025) or not long-term UK resident (6 April 2025 onwards). Various other exemptions apply including the charity exemption, donations to some political parties, gifts to the nation or a housing association and gifts to maintenance funds for a historic building and employee trusts.

Exempt transfers ― summary

Total exemption

A transfer is exempt from IHT where it is:

Continue reading the full document
To gain access to additional expert tax guidance, workflow tools, and tax research, register for a free trial of Tolley+â„¢
Powered by

Popular Articles

Payment of tax due under self assessment

Payment of tax due under self assessmentNormal due dateIndividuals are usually required to pay any outstanding income tax, Class 2 and Class 4 national insurance, and capital gains tax due for the tax year by 31 January following the end of the tax year (ie 31 January 2025 for the 2023/24 tax year).

14 Jul 2020 12:52 | Produced by Tolley Read more Read more

Foreign self-employment

Foreign self-employmentTrading in another jurisdiction involves many issues, only some of which involve taxation. Advice should be taken, not only in relation to tax but on the wider business implications. For an overview of the points to consider for certain jurisdictions see Tolley's Global

14 Jul 2020 11:44 | Produced by Tolley Read more Read more

Exemption ― insurance ― overview

Exemption ― insurance ― overviewThis guidance note provides an overview of the VAT treatment of insurance products and should be read in conjunction with the Insurance ― specific transactions and Exemption ― insurance ― brokers and agents guidance notes.Is insurance exempt from VAT?Supplies of

Read more Read more