IHT

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July 28, 2017 at 1:47 pm #399167
aamir2111
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Dear Tutor,

in calculating the IHT, do we credit the life time tax paid pertaining to CLTs of only last 7 years or of all the CLTs done during the life time?
July 31, 2017 at 10:45 am #399679
Tax Tutor
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It is only the CLT’s within the previous 7 years that become chargeable on death so it is when computing any additional tax on these transfers that you credit back any lifetime tax paid upon them.
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