IHTM14319 - The gift: exempt transfers which can be GWRs
The main exemptions which do not prevent application of the
GWR rules are
| IHTA84/S3A (4) | PET made seven years or more before the death of the transferor ( IHTM14511) |
| IHTA84/S19 | Annual exemption ( IHTM14141) |
| IHTA84/S21 | Normal out-of-income exemption ( IHTM14131) |
So a gift which is an exempt transfer under the above exemptions
may be chargeable under the GWR rules, as may a gift which is an
exempt transfer under any other section not listed on the previous
page.
Small gifts exemption (
IHTM14180)
- Strictly speaking the small gifts exemption is only available in respect of outright gifts.
- However, in practice the mere fact that the donor has reserved a benefit in the gifted property should not, of itself, prevent you from regarding the gift as an outright one.
