A transfer of value is exempt to the extent that the value transferred is attributable to property which is given to charities or registered clubs (IHTA 1984, s. 23).

The exemption does not apply in the circumstances listed in IHTA 1984, s. 23(2)–(5), which are:

(1)that the charity's or registered club's interest is subsequent to another interest (¶645-350);

(2)that it is subject to a condition not satisfied within 12 months (¶645-400);

(3)that it is limited or defeasible (¶645-450ff.);

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