Overview

exempt transfers


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Transfers resulting in no liability to inheritance tax. These are: the first £3000 transferred in any tax year, gifts to a spouse, normal expenditure out of income, small gifts, up to £250, to any number of individuals, marriage gifts, up to £5000 for each parent of the parties to the marriage and up to £2500 for each grandparent but limited to £1000 for other gifts, gifts to charities, gifts for national purposes, gifts for public benefit, gifts to political parties, certain transfers to employee trusts.See also potentially exempt transfer.

the first £3000 transferred in any tax year,

gifts to a spouse,

normal expenditure out of income,

small gifts, up to £250, to any number of individuals,

marriage gifts, up to £5000 for each parent of the parties to the marriage and up to £2500 for each grandparent but limited to £1000 for other gifts,

gifts to charities,

gifts for national purposes,

gifts for public benefit,

gifts to political parties,

certain transfers to employee trusts.

Subjects: Financial Institutions and Services — Accounting.


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