Jurisdiction(s):
United Kingdom

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Key definition

Capital transfer tax definition

What does Capital transfer tax mean? In practice, capital transfer tax was the UK tax on transfers of value made during lifetime and on death. It applied across England & Wales, Scotland and Northern Ireland, replacing estate duty. Introduced for lifetime transfers in 1974, the death charge took effect in 1975. The regime was statutory (principally the Capital Transfer Tax Act 1984) and used concepts such as chargeable transfers and settlements. It was replaced by inheritance tax by the Finance Act 1986, when the Capital Transfer Tax Act 1984 was retitled the Inheritance Tax Act 1984 (IHTA 1984). Today the term arises mainly in...

UK IHT: Agricultural Property Relief (APR) and BPR—eligibility, rates, farmhouses, tenancies, companies, recapture, borrowings, will‑drafting; 2024–2031 reforms including £2.5m combined 100% allowance and spousal transferability

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Practice notes

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FORTHCOMING CHANGE :

In the 30 October 2024 Budget (Autumn Budget 2024), the Chancellor of the Exchequer revealed that the existing 100% Inheritance tax relief available for qualifying agricultural property will be capped at the first £1m of value, with anything above that level benefiting from only 50% relief. On 23 December 2025, the government unexpectedly confirmed that the 100% relief ceiling would instead be set at £2.5m in total, replacing the earlier £1m proposal. Where the taxpayer, or their estate, also holds assets that qualify for business property relief, the value of those assets will be aggregated when determining whether the £2.5m limit has been surpassed for the purposes of the relief calculation overall. These measures will apply to deaths occurring on or after 6 April 2026, and to lifetime gifts made on or after 30 October 2024 if the donor dies on or after 6 April 2026. See: Autumn Budget 2024—Private Client analysis...

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Web page updated on 22/05/2026

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