Details of the various exemptions from charge, some of which apply both to lifetime gifts and on death, and some of which apply only to one or other of these, are in ¶643-000ff.

Any relevant exemptions are applied to the transfer of value before tax is calculated on what remains (i.e. on the chargeable transfer).

Example: the annual exemption

D makes a chargeable gift of £350,000, having previously made only such gifts as used up his annual exemptions under IHTA 1984, s. 19.


Transfer of value


Less: annual exemption


Chargeable transfer



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