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HMRC internal manual

Inheritance Tax Manual

Gifts for National Purposes: introduction

Under IHTA84/S25 (1) a transfer of value (IHTM04024) is an exempt transfer to the extent that the value transferred is attributable to property which becomes the property of a body within Sch 3 to the IHTA. The Sch 3 bodies are listed at IHTM11224

The exemption has no value limit and applies to both lifetime and death transfers, including transfers of settled property in which the deceased/transferor had an interest in possession (IHTM16061)

So, subject to certain specific qualifications (IHTM11223) the exemption operates in the same way as that for gifts to charities and political parties. Subject to the specific qualifications, the instructions on the limitations (IHTM11171) to charity exemption and application of charity exemption to settled property (IHTM11161) apply to this exemption. For the purpose of applying IHTA84/S23 (2) to IHTA84/S23 (5) to the exemption for gifts for national purposes, property is given to any person or body if it becomes the property of or is held in trust for that person or body. The word ‘donor’ is construed in the same way. The instructions on quantifying exemption (IHTM11192) for gifts to political parties also apply to this exemption.