IHTM04026 - Structure of the charge: what is an exempt transfer?

There are a number of exemptions that apply to inheritance tax. These are detailed in sections 12 ( IHTM12000) and 14 ( IHTM14000). An exempt transfer is one that is wholly covered by one or more exemptions or is that part of a transfer of value that is not a chargeable transfer. ( IHTM04027) Though all the exemptions apply to actual transfers of value ( IHTM04024) the legislation specifically prevents some of the exemptions applying to deemed transfers of value. ( IHTM04025)