IHTM11114 - General outline: quantifying the exemption

When considering the extent of any exemption you should look out for situations where

• lifetime transfers (IHTM11013) are involved
• the transfer is only partly exempt (IHTM26001)
• the deceased is domiciled outside the UK (IHTM11013)
• there is a claim (IHTM11025) against a deceased person’s estate which was settled by an exempt beneficiary (IHTM11026) out of their own resources
• the exemption has a value limit. Inheritance Tax has no value limit. However, until 1983 there was a value limit on the corresponding exemption for Capital Transfer Tax. The limit was removed by F(No.2)A 1983. If you need to consider a transfer made before 15 March 1983 seek advice from Technical.