gifts inter vivos

Gifts made during an individual's lifetime. The treatment of such gifts, for inheritance tax purposes, depends on the amount of the gift, the occasion of the gift, and the recipient of the gift. Small gifts can be covered by the small gifts exemption (if less than £250) or by the individual's annual exemption (if less than £3000). Additional gifts are exempt if they are given on the occasion of marriage. Any gift from one individual to another individual is a potentially exempt transfer and only becomes liable to tax if the donor dies within seven years of making the gift. Gifts to some discretionary trusts are chargeable to inheritance tax at lifetime rates, which is half the death rate. The level of charge is dependent on the size of the transfer to the discretionary trust and the amount of previous chargeable transfers within the preceding seven years.

Accounting dictionary. 2014.

Look at other dictionaries:

  • gifts inter vivos — Gifts made during an individual s lifetime. The treatment of such gifts, for inheritance tax purposes, depends on the amount of the gift, the occasion of the gift, and the recipient of the gift. Small gifts can be covered by the small gifts… …   Big dictionary of business and management

  • inter vivos gifts — See gifts inter vivos …   Big dictionary of business and management

  • inter vivos — in‧ter vi‧vos [ˌɪntə ˈviːvɒs ǁ tər ˈviːvoʊs, ˈvaɪ ] adverb LAW from one living person to another living person: • A joint tenancy is severed if a joint tenant disposes of his interest inter vivos. inter vivos adjective : • an inter vivos gift * * …   Financial and business terms

  • inter vivos — in·ter vi·vos / in tər vī vōs, vē / adv or adj [Late Latin]: between living persons an inter vivos transfer see also donation inter vivos at donation; gift inter vivos at gift; …   Law dictionary

  • inter vivos — adverb or adjective Etymology: Late Latin Date: 1837 between living persons < transaction inter vivos >; especially from one living person to another < inter vivos gifts > < property transferred inter vivos > …   New Collegiate Dictionary

  • gift inter vivos — A real gift. A gift between living persons; a voluntary transfer of property by one living person to another living person, without any valuable consideration, which becomes absolute and irrevocable during the lifetime of the parties. 24 Am J1st… …   Ballentine's law dictionary

  • gift — n 1: an intentional and gratuitous transfer of real or personal property by a donor with legal capacity who actually or constructively delivers the property to the donee with the intent of giving up dominion over the property and investing it in… …   Law dictionary

  • Gift (law) — Property law Part of …   Wikipedia

  • what remains — Residue. That which is unexpended or unconsumed. A life tenant under a will providing for a remainder over of what remains, so much as may remain unexpended, or some synonymous term, is entitled to the possession, control, and use of the entire… …   Ballentine's law dictionary

  • property law — Introduction       principles, policies, and rules by which disputes over property are to be resolved and by which property transactions may be structured. What distinguishes property law from other kinds of law is that property law deals with… …   Universalium

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”

We are using cookies for the best presentation of our site. Continuing to use this site, you agree with this.