20 Small gifts.U.K.
(1)Transfers of value made by a transferor in any one year by outright gifts to any one person are exempt if the values transferred by them (calculated as values on which no tax is chargeable) do not exceed £250.
(2)In this section “year” means period of twelve months ending with 5th April.
(3)Section 3(4) above shall not apply for the purposes of this section.