If two people make reciprocal gifts to each other, how are these treated for inheritance tax?

Jan 28, 2021 ... A transfer into trust is a 'lifetime chargeable transfer' for inheritance tax (IHT) purposes. It is also a chargeable disposal for capital ... A lifetime gift is immediately chargeable unless it is an exempt transfer or a potentially exempt transfer (PET) (section 2, Inheritance Tax Act 1984). Dec 15, 2024 ... Currently, non-UK domiciled individuals are only charged to IHT on chargeable lifetime transfers of UK assets or assets situated in the United ... Dec 5, 2024 ... Inheritance tax calculations for chargeable lifetime transfers · Where the value of the CLT is greater than the nil rate band (NRB), a CLT ... Mar 4, 2014 ... These include 'Potentially Exempt Transfers' (PETs) and 'Chargeable Lifetime Transfers' (CLTs). Consideration could been given to starting a ... Sep 22, 2014 ... ... transfer, which previously was credited in such first retirement ... chargeable to him or her pursuant to paragraphs four and five of ... On an individual's death, chargeable transfers to be cumulated include both immediately chargeable transfers ... chargeable lifetime transfer. The first spouse's ... Chargeable Lifetime Transfer (CLT) ... Gifts such as transfers into discretionary trusts are Chargeable Lifetime Transfers (CLT). A CLT is a gift made during an ... These categories are Potentially Exempt Transfers (PETs) and Chargeable Lifetime Transfers (CLTs). Inheritance Tax exemptions can be achieved by means of making ... May 5, 2023 ... One of the main drawbacks is that it may involve complex legal documents, which can be challenging to navigate without proper guidance.