Financial and business terms. 2012.
exempt transfers — Transfers resulting in no liability to inheritance tax. These are: • the first £3000 transferred in any tax year; • gifts to a spouse; • normal expenditure out of income; • small gifts, up to £250, to any number of individuals; • marriage gifts,… … Accounting dictionary
exempt transfers — Transfers resulting in no liability to inheritance tax These are: • the first £3000 transferred in any tax year; • gifts to a spouse; • normal expenditure out of income; • small gifts, up to £250, to any number of individuals; • marriage gifts,… … Big dictionary of business and management
potentially exempt transfer — PET A lifetime gift made by an individual to another individual, or into an interest in possession trust that does not attract a liability to inheritance tax at the date of the gift. No charge occurs if the donor survives seven years after the… … Accounting dictionary
potentially exempt transfer — PET A lifetime gift made by an individual to another individual, or into an interest in possession trust that does not attract a liability to inheritance tax at the date of the gift. No charge occurs if the donor survives seven years after the… … Big dictionary of business and management
lifetime transfers — See potentially exempt transfer … Big dictionary of business and management
Taxation in the United Kingdom — This article is part of the series: Politics and government of the United Kingdom Central government HM Treasury HM Revenue and Customs … Wikipedia
Inheritance Tax (United Kingdom) — In the United Kingdom, Inheritance Tax was first introduced as a tax on estates in England and Wales over a certain value from 1796, then called legacy, succession and estate duties. The value changed over time and the scope of estate duty was… … Wikipedia
inheritance tax — IHT A tax introduced in the budget of 1986 to replace capital transfer tax. Inheritance tax is chargeable on the death of an individual domiciled in the UK on all property, wherever it is situated. It is also charged on potentially exempt… … Accounting dictionary
inheritance tax — IHT A tax introduced in the Budget of 1986 to replace capital transfer tax Inheritance tax is chargeable on the death of an individual domiciled in the UK on all property, wherever it is situated. It is also charged on potentially exempt… … Big dictionary of business and management
chargeable transfer — Certain lifetime gifts that are transfers of value not covered by any of the exemptions and are therefore liable to inheritance tax. If such a lifetime gift is not a potentially exempt transfer, it is a chargeable transfer. If the gift is a… … Accounting dictionary
