What are the potential income tax implications of employee benefit trusts?

Dec 5, 2023 ... A Potentially Exempt Transfer (PET), also known as a Lifetime Gift, is a gift that is not immediately chargeable to IHT but reduces the donor's ... 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] ... Jan 6, 2020 ... A chargeable transfer to inheritance tax (IHT) arises when property enters or leaves the trust. A charge also applies on each 10th anniversary of the trust. Dec 5, 2014 ... A transfer to a limited company is not a chargeable lifetime transfer - it is a PET. So S260 holdover is not available. Oct 31, 2024 ... chargeable lifetime transfers where there is an immediate lifetime charge, e.g. when property is transferred into trust. Where the rate of ... Mar 8, 2024 ... Chargeable Lifetime Transfers (CLTs). A Chargeable Lifetime Transfer (CLT) is a transfer, made during lifetime, which is chargeable to IHT. Chargeable Lifetime Transfers (CLT). Which is the transfer of money or assets into a trust. The general rule is that a person can make a gift as a PET and ... Principles of calculation The IHT rates The IHT rates for lifetime transfers differ from those applied to transfers on death. Specifically, the lifetime tax ... On an individual's death, chargeable transfers to be cumulated include both immediately chargeable transfers ... chargeable lifetime transfer. The first spouse's ... Sep 22, 2014 ... ... transfer, which previously was credited in such first retirement ... chargeable to him or her pursuant to paragraphs four and five of ...