A UK tax on gifts made by an individual, whether made during their life or after death. Replaced by... <a target=_blank href='http://www.finance-glossary.com/terms/capital-transfer-tax.htm?id=1869&ginPtrCode=00000&PopupMode=false' title='Read full definition of capital transfer tax'>more</a>
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Capital-transfer tax is a tax levied when capital is transferred from one person's estate usually into that of another, as by lifetime gifts or inheritances. There was such a tax in Britain from 1974 to 1986. It continued in a truncated form from 1986, when it became known as inheritance tax.
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