Normal expenditure out of income
Compliance requirements
Commentary –
Woolley on Financial Planning with Trusts 38.4.1
Exempt transfers
Legislation/Regulatory –
IHTA84 s. 21(1)
Insurance premiums
Legislation/Regulatory –
IHTA84 s. 21(2)
Life annuities
Lifetime transfers
Back-to-back schemes, premium payments
Commentary –
Tax Reporter ¶644-300
Description of exemption
Commentary –
Tax Reporter ¶643-950
Free loans
Commentary –
Tax Reporter ¶644-250
Illustrative examples
Commentary –
Tax Reporter ¶644-200
Interaction with other exemptions
Commentary –
Tax Reporter ¶644-150
Life annuities, purchased
Commentary –
Tax Reporter ¶644-350
Lifetime care plans
Commentary –
Tax Reporter ¶644-050
HMRC Guidance –
IHTM14250
Case Law –
McDowall's Executors v IR Commrs
Made out of income, meaning
Commentary –
Tax Reporter ¶644-050
HMRC Guidance –
IHTM14250
Case Law –
McDowall's Executors v IR Commrs
Maintenance of usual standard of living, meaning
Commentary –
Tax Reporter ¶644-100
HMRC Guidance –
IHTM14255
Normal expenditure, meaning
Commentary –
Tax Reporter ¶644-000
HMRC Guidance –
IHTM14243
Case Law –
Nadin v IR Commrs
Property, use of
Commentary –
Tax Reporter ¶644-250
Meaning
Commentary –
Woolley on Financial Planning with Trusts ¶42