The most useful exemptions and reliefs in relation to the acquisition of capital-through a gift or a benefit in a will-include
- A section 72 policy-this policy is a life insurance policy which will provide a cash payment on the death of the insured person to allow the beneficiaries pay any tax bill that may arise
- Spousal/civil partner exemption
- Small gift exemption
- Dwelling house relief
- Agricultural relief
- Business relief
- Favourite niece/nephew relief
Learn more about capital acquisitions tax here.