What are the best practices for documenting inheritance tax advice and planning?

A chargeable lifetime transfer is one that is neither an exempt transfer nor potentially exempt; in practice, this applies only to payment into a discretionary ... Feb 25, 2025 ... If a discretionary trust is created to hold the life insurance policy, this is a chargeable lifetime transfer (CLT). A CLT is not chargeable up ... chargeable transfer. noun. a transfer of value made as a gift during a person's lifetime that is not covered by a specific exemption and therefore gives rise ... ... transfer of value, chargeable amount, gross chargeable transfers, lifetime tax. FA18, FA2018, Finance Act 2018 0000032_ACCAF6KTg. Tags. nina caygill (11 mins) ... ... chargeable to Arthur. The order fixing inheritance tax, deleting that ... That the transfer, if viewed as made during decedent's lifetime, did not ... A lifetime gift is immediately chargeable unless it is an exempt transfer or a potentially exempt transfer (PET) (section 2, Inheritance Tax Act 1984). Tax on chargeable lifetime transfers in excess of the nil rate band is at 20%. Relevant property (discretionary) trusts are charged at 30% of lifetime rates (so ... Chargeable lifetime transfers to trusts, 20%, 20 ... If the donor pays the IHT due on a chargeable lifetime transfer to a trust, the effective rate is 25%. The new capital transfer tax under the Finance Act of 1975 is chargeable on both lifetime transfers and on property left at death. The rules which apply to ... Dec 12, 2024 ... Any tax charge (but not the value transferred) is reduced by taper relief as set out above. Chargeable lifetime transfers which are not PETs are ...