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GENERAL
INHERITANCE TAX
Gifts
Under Inheritance Tax there are three types of gift or transfer. These are:-
(a) Potentially Exempt Transfers (PETs)
Lifetime gifts, other than those into certain types of trust where there is no "interest in possession" which are not exempt (see below), are PETs. Irrespective of the amount of such PETs no Inheritance Tax is payable at the time the gift is made. However, if the donor dies within seven years, these PETs then become chargeable transfers (see below).
(b) Lifetime Chargeable Transfers
Lifetime gifts, which are neither exempt nor PETs, create lifetime chargeable transfers. Under these, an immediate liability to Inheritance Tax could arise at half the death rate.
(c) Chargeable Transfers on Death
All transfers on death which are not exempt are chargeable and, depending on the total of these and of PETs and lifetime chargeable transfers within the previous seven years, Inheritance Tax may be payable.
Mortgage Products
Legacy
Disclaimer
Pension Products
Contact
Protection Products
Investment Products
General
INHERITANCE TAX
Under Inheritance Tax there are three types of gift or transfer. These are:-
(a) Potentially Exempt Transfers (PETs)
Lifetime gifts, other than those into certain types of trust where there is no "interest in possession" which are not exempt (see below), are PETs. Irrespective of the amount of such PETs no Inheritance Tax is payable at the time the gift is made. However, if the donor dies within seven years, these PETs then become chargeable transfers (see below).
(b) Lifetime Chargeable Transfers
Lifetime gifts, which are neither exempt nor PETs, create lifetime chargeable transfers. Under these, an immediate liability to Inheritance Tax could arise at half the death rate.
(c) Chargeable Transfers on Death
All transfers on death which are not exempt are chargeable and, depending on the total of these and of PETs and lifetime chargeable transfers within the previous seven years, Inheritance Tax may be payable.
