IHT

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April 24, 2017 at 8:20 am #383306
sana101
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Sir,
Relating to the PET say in illustration 5 and 7, the IHT charge of 30000 and 24000. Is it payable both by the donor and donee or is it only the donee who pays the tax liability of 30000 and 24000 after he recieves the gift provided the donor dies within 7 yrs of making the transfer ?
April 26, 2017 at 5:20 pm #384022
Tax Tutor
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The donee will pay any IHT that becomes payable on a PET as a result of the taxpayer dying within 7 years of the transfer. The tax is payable within 6 months of the end of the month in which the taxpayer died
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