annual exemption

An exempt transfer under inheritance tax legislation allowing £3000 to be given each year as a gift without liability to inheritance tax. This has remained unchanged since 6 April 1981. Husband and wife each have their own exemption. If the exemption is not used or not fully used during a fiscal year, the amount not used can be carried forward to the next tax year only, to cover gifts made in that following year.

Accounting dictionary. 2014.

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