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 gifts to political parties. The charity and the political party must be recognised as such by the Inland Revenue. Dresdner Kleinwort Wasserstein financial glossary