As originally enacted, the annual exemption was available only for transfers of value, and not for any of the events on which tax is charged as if a transfer of value had been made (see ¶601-300). This was extended in 1981 to events on which tax is charged under IHTA 1984, s. 52(1), i.e. the coming to an end of a qualifying interest in possession. The extension, now in IHTA 1984, s. 57, applies to events after 6 April 1981.

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