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HMRC internal manual

Inheritance Tax Manual

Lifetime transfers: future payments: exemptions

It follows that by treating the future payments as separate dispositions, the question of any exemption must be considered at the time of each payment.

Accordingly, the annual (IHTM14141), small gifts (IHTM14180), or normal expenditure out of income (IHTM14131) exemptions may be available on each disposition.