- exempt gift
- Fina gift that is not subject to gift tax
The ultimate business dictionary. 2015.
exempt gift
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Gift Tax Return — A federal tax form that must be filled out by any individual who gives a gift that exceeds the annual or lifetime exempt gift amount established by the IRS. For example, if the annual gift tax exemption is $13,000 per recipient, anyone who gives… … Investment dictionary
gift tax — n: an excise tax imposed on a donor for gifts of property made during the donor s lifetime see also annual exclusion, gift 3 split gift at gift, unified t … Law dictionary
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 (beneficiary) such as a spouses, civil partners and… … Law dictionary
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
gift tax — An excise tax on the transfer by a living person of money or other property by gift. A tax imposed on the transfer of property by gift inter vivos without relation to the death of the donor, being distinguished from succession or estate taxes… … Ballentine's law dictionary
exempt legacies and transfers — Gifts during an individual s life or death ( i.e. by means of a will) which, by virtue of the nature of the gift or the recipient, are automatically exempt from inheritance tax. Examples include transfers between spouses, gifts to charities and… … Financial and business terms
gift tax — / gɪft tæks/ noun a tax on gifts (only gifts between husband and wife are exempt) … Dictionary of banking and finance
potentially exempt transfers — When an individual makes a gift to another person, the gift will usually be liable to inheritance tax only if the donor dies within seven years of making the gift. If the donor survives for seven years, the gift will be exempt from inheritance… … Financial and business terms
potentially exempt transfer — PET A lifetime gift made by an individual to another individual, or into an interest in possession trust that does not attract a liability to inheritance tax at the date of the gift. No charge occurs if the donor survives seven years after the… … Accounting dictionary
potentially exempt transfer — PET A lifetime gift made by an individual to another individual, or into an interest in possession trust that does not attract a liability to inheritance tax at the date of the gift. No charge occurs if the donor survives seven years after the… … Big dictionary of business and management
Discounted gift trust — A Discounted Gift Trust (DGT) is a type of UK trust arrangement usually set up in connection with an investment in either an onshore or offshore investment bond (insurance bond). It allows the gifting of a lump sum into a trust whilst retaining a … Wikipedia
