EXEMPT TRANSFERS
14/04/2011
Inheritance Tax law is contained in the Inheritance Tax Act 1984 It may be charged on certain lifetime gifts, certain transfers into and out of trusts and on the value at the date of death for the estate of the deceased.
All UK domiciled individuals are chargeable to IHT on all their worldwide property. Non UK domiciled individuals are chargeable to IHT in respect of their UK property only.
IHT is however not charged on any part of a chargeable transfer which is exempt.
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