exempt transfer of value (for inheritance tax) — England, Wales A transfer of value (broadly, a gift) made in lifetime or on death that is exempt from inheritance tax. For example, gifts to certain favoured beneficiaries (beneficia … Law dictionary
transfer of value — a disposition made by a person (the transferor) as a result of which the value of his estate immediately after the disposition is less than it would be but for the disposition, and the amount by which it is less is the value transferred. This… … Law dictionary
chargeable transfer of value — England, Wales A transfer of value made by an individual that is not (by virtue of Part II of the Inheritance Tax Act 1984) an exempt transfer (exempt transfer of value). Practical Law Dictionary. Glossary of UK, US and international legal terms … Law dictionary
Transfer-For-Value Rule — The stipulation that, if a life insurance policy (or any interest in that policy) is transferred for something of value (money, property, etc.), a portion of the death benefit is subject to be taxed as ordinary income. This portion is equal to… … Investment dictionary
potentially exempt transfer — (PET) England, Wales A transfer of value made during the donor s lifetime, that comes within the provisions of section 3A Inheritance Tax Act 1984. A PET is only chargeable to IHT if the donor fails to survive for seven years from the date of the … Law dictionary
Value added tax — Taxation An aspect of fiscal policy … Wikipedia
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
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… … Big dictionary of business and management
chargeable lifetime transfer — England, Wales Lifetime transfers of value (transfer of value) (broadly, gifts) that are immediately chargeable to inheritance tax at 20% (subject to any exemptions and reliefs and also subject to the individual s nil rate band). Broadly, a… … Law dictionary
European Union Value Added Tax — The European Union Value Added Tax ( EU VAT ) is the system of value added tax ( VAT ) adopted by member states in the European Union Value Added Tax Area. The European Union itself does not collect the tax, but member states of the European… … Wikipedia
