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Inheritance tax exemptions

The core inheritance tax legislation specifies that certain types of transfers are exempt. The question arises as to whether those exempt transfers can be caught by the GWR provisions. One might assume that they would be caught because it would appear to be contrary to general policy to allow a donor to benefit from both the gift and the exemption. It is somewhat curious then to find that the GWR provisions include a list of transfers which are exempt under inheritance tax rules and to which the GWR provisions do not apply¹.

These are:

1. Ìý

   (a)ÌýÌýÌýÌý transfers between spouses or civil partners (see I4.225)²

2. Ìý

   (b)ÌýÌýÌýÌý small gifts (see I3.324)³

3. Ìý

   (c)ÌýÌýÌýÌý gifts in consideration of marriage or civil partnership (see I3.326, I3.327)⁴

4. Ìý

   (d)ÌýÌýÌýÌý gifts to charities (see I4.215)⁵

5. Ìý

   (e)ÌýÌýÌýÌý gifts to political parties (see I4.216)⁶

6. Ìý

   (f)ÌýÌýÌýÌý gifts to housing associations (see I4.217)⁷

7. Ìý

   (g)