A transfer of value is exempt to the extent that the value transferred is attributable to property which becomes the property of a qualifying political party (IHTA 1984, s. 24). In respect of gifts on or after 15 March 1988, the exemption is unlimited. Prior to that date, it was unlimited only in respect of lifetime gifts more than one year before the transferor's death; otherwise the exemption was limited to £100,000.
For the definition of a qualifying political party, see ¶645-700 below.
The exemption does not apply in the following circumstances:
(1)where the interest of the political party is subsequent to another interest;