Inheritance Tax Act 1984 section 24

Gifts to political parties

Section 24 provides an inheritance tax exemption for transfers of value that take the form of gifts to qualifying political parties.

• Transfers of value are exempt from inheritance tax to the extent that the property transferred becomes the property of a qualifying political party.
• A political party qualifies if, at the last general election before the transfer, at least two of its members were elected to the House of Commons, or one member was elected and the party received at least 150,000 votes.
• The same conditions and limitations that apply to exempt gifts to charities under section 23 also apply to gifts to political parties, including rules about partial exemption and property held on trust.
• For these purposes, property is treated as given to a person or body if it becomes their property or is held on trust for them, and the term "donor" is interpreted accordingly.