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HMRC internal manual

Inheritance Tax Manual

Structure of the charge: what is an exempt transfer?

There are a number of exemptions that apply to inheritance tax. These are detailed insections 12 (IHTM12000) and 14 (IHTM14000). An exempt transfer is one that is wholly covered by one or more exemptions or is that part of a transfer of value that is not a chargeable transfer. (IHTM04027)Though all the exemptions apply to actual transfers of value (IHTM04024)the legislation specifically prevents some of the exemptions applying to deemed transfers of value. (IHTM04025)