What are the tax implications of waiving a right in favour of another person?

Chargeable Lifetime Transfers (CLTs) are part of estate planning. Simply put, these are gifts made during your lifetime that are taxed if they exceed the nil ... Chargeable Lifetime Transfers (CLTs) are gifts made during an individual's lifetime that are taxed immediately. Unlike potentially exempt transfers (PETs) which ... The first situation is where a transferor makes a transfer of value during his lifetime, other than an exempt transfer (“a lifetime chargeable transfer”). May 28, 2024 ... Chargeable Lifetime Transfers (CLTs) refer to a gift or transfer that does not qualify as a so-called Potentially Exempt Transfer (PET). 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 ... Jun 2, 2023 ... Relief under TCGA 1992 s 260 ('s 260 relief ') is available on lifetime transfers that are immediately chargeable. 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 ... 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] ... Feb 28, 2020 ... When a chargeable lifetime transfer is made, it is assessed against the donor's nil-rate band. If there is an excess above the nil-rate band, it ... ... lifetime (known as Potentially Exempt Transfers (PETs)). An exception ... Chargeable Lifetime Transfer (CLT)). Setting up a trust. Assuming you haven't ...