PART II EXEMPT TRANSFERS
CHAPTER I GENERAL
18 Transfers between spouses F1or civil partners.
1
A transfer of value is an exempt transfer to the extent that the value transferred is attributable to property which becomes comprised in the estate of the transferor’s spouse F2or civil partner or, so far as the value transferred is not so attributable, to the extent that that estate is increased.
2
If, immediately before the transfer, the transferor but not the transferor’s spouse F3or civil partner is domiciled in the United Kingdom the value in respect of which the transfer is exempt (calculated as a value on which no tax is chargeable) shall not exceed F5the exemption limit at the time of the transfer, less any amount previously taken into account for the purposes of the exemption conferred by this section.
F62A
For the purposes of subsection (2), the exemption limit is the amount shown in the second column of the first row of the Table in Schedule 1 (upper limit of portion of value charged at rate of nil per cent).
3
Subsection (1) above shall not apply in relation to property if the testamentary or other disposition by which it is given—
a
takes effect on the termination after the transfer of value of any interest or period, or
b
depends on a condition which is not satisfied within twelve months after the transfer;
4
For the purposes of this section, property is given to a person if it becomes his property or is held on trust for him.