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anybody when 220000 gift was given to son.it is confirm that it was given 2011
but i want to know date if it is before march 2012 then it will be deducted from total nil rate band and if it given after march 2012 then it will be ignored as it is in the same year.the rule previous 7 years.please help me by letting me known of that date of giftHi maklaijunaid,
I think I understand now what you are saying. Correct me if I’m wrong, but your interpretation is that you look back the previous 7 tax years (not including the present one) to see if there have been any chargeable transfers made.
My interpretation is that you literally look back 7 years from the date of death. Therefore, if someone dies on 20/12/2012, you look at the period running from 20/12/2005 to 19/12/2012, and see if there are any chargeable transfers during this period. Clearly the PET made on 7/11/2011 fall within this period.
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