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If someone used up whole /part of nil rate band 7 years before, shall s/he be able to claim again nil rate band after 7 years ?
E.g Gift to trust 312000
nil % 312000
0after seven years again
gift to trust/son 325000
nil? = ?What will be consequence ? or what should it be ?
what is cumulative IHT? I saw there , they calculated again after 7 years….
Thanks
For lifetime transfers chargeable when made – transfers to trusts (CLT’s) – the available nil rate band is indeed reduced only by other CLT’s made in the 7 years before that transfer. Hence in your example if a CLT was made when the NRB was 312,000 and the next CLT of 325,000 was made more than 7 years later then both transfers would benefit from a full NRB
Have you worked through the OT notes and lectures?
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