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karabeha

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Active 9 years ago
  • Topics: 2
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  • November 23, 2013 at 11:55 am #147490
    30c25b375dbd549cd8ffb16a8378620eda62e494c451d2d1562116fa254825e7 80karabeha
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    All transfers made to :
    1- Spouse/Civil Partner
    2-Charity
    3-Qualify political Party
    ARE EXCEMPT.

    All transfers made to physical persons other than Spouse/Civil they are characterized as Potentially Exempt Transfers. (PET)

    Always all transfers made to TRUST’s are characterized as Chargeable Lifetime Transfers. (CLT)

    A CLT could never be characterized as PET as it is a transfer made always to a trust. (for exam purposes)

    oogabooga kindly note that if the PET exceeds the nil bad rate (which for FY 2012/13 is 325000£) then you pay IHT tax of 40% on the excess amount. (you’re not except at all). If the donor does not survive for more than 7 years then the tax paid on the excess transfer receives a relief according to Tape Relief .

    November 23, 2013 at 9:44 am #147475
    30c25b375dbd549cd8ffb16a8378620eda62e494c451d2d1562116fa254825e7 80karabeha
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    When a transfer is assessed as PET and when CLT ?

    Could it be that a done makes a transfer as PET and not pay any IHT during his lifetime and after his death (which is less than 7 Yrs) to change its characterization to CLT and IHT needs to be paid ?

    April 4, 2013 at 11:07 am #121449
    30c25b375dbd549cd8ffb16a8378620eda62e494c451d2d1562116fa254825e7 80karabeha
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    • Topics: 2
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    Hi Coline,

    It my pleasure to be able to return something back to you, as I am very much into your lecture notes, that you have so kindly offered. Its a good work and I am very mach enjoying the lectures and notes that go with it. Keep up the good work.

    Kind regards,
    Hagop

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