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Alhamdulillah. P1 passed at unbeleivable 75 smooth!! Couldnt Thank Allah much ?
What I mean here is that if the first gift made to the trust had a chargeable value and this was in the same year as the second gift.
would the first gift be deductible from the nill rate band available for the second gift as a Gross chargeable transfer made within 7 years?
Scooping it to a single line, are the clt made within the same year deductible as a gct made within 7 years, had we been calculating the taxable amount for the second gift?
hope this makes clear to you 🙂If someone makes two gifts (more specifically A CLT) in almost the same tax year just some trivial gap in the date the gift was made e.g one gift was made on 07/01/2015 and the second gift being made 07/03/2015. Would the first gift made at 07/01/2015 be deductible as CGT made within 7 years from the relevant Nill rate band associated with the second gift?