If a transferor survives seven years after making a PET, what are the inheritance tax consequences?

Scottish Funding Council · EH30 9AA · 4 connections on LinkedIn. View Alan Dunbar's profile on LinkedIn, a professional community of 1 billion members. Nov 21, 2024 ... Although some case law suggests that the donee of the lifetime transfer should pay the taxes, this result is at ... [Show full abstract] ... Oct 2, 2018 ... If Charlie pays the tax as settlor, then the value has to be grossed up. The easiest way to work this through is by multiplying the net transfer ... purposes, a lifetime transfer that is not to an individual is almost always a chargeable lifetime transfer (CLT). Since. 2006 transfers into most lifetime. Sep 27, 2019 ... The transfer of assets into a non-UK trust, as for a UK trust, will be an immediately chargeable lifetime ... chargeable transfers in the previous ... All lifetime transfers are treated as potentially exempt transfers (PETs) unless the transfer is to a trust in which case it is a chargeable transfer. Do ... A lifetime gift is immediately chargeable unless it is an exempt transfer or a potentially exempt transfer (PET) (section 2, Inheritance Tax Act 1984). Feb 1, 2023 ... When considering the IHT due on a gift made in 2018, you have to take into account all the chargeable lifetime transfers made in the 7 years before that gift. Lifetime transfers. Once your total chargeable lifetime transfers in the last seven years has exceeded the IHT threshold of £325,000, tax will become payable ... More videos on YouTube ... CLTs are gifts into Trust, and they too have no limit. Yet, if you gift more than the Nil Rate Band (currently £325,000) then the ...