specified transfer


specified transfer
England, Wales
In the context of determining whether a deceased person's estate is an excepted estate for inheritance tax purposes, a "specified transfer" is: a gift of money, personal belongings, quoted shares or securities, an outright gift of land or buildings to individuals.
A gift to a trust is not a specified transfer.
For an estate to qualify as an excepted estate, a specified transfer made within seven years of a person's death cannot exceed £150,000.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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