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For cumulative 7 years period.
I know that if gift made more than 7 years before death
Clt will be exempt but will use nill band .
in case of transfer to spouse and if it was pet It will not use nill band am i right?
In example 4 as mentioned in topic,
For death estate they of 450000They ignore clt 200,000 not use it in nil band. Why is that?
Plz clarify my misunderstanding
The first CLT is more than 7 years before the date of death so is not included in determining how much nil rate band is available at the date of death to go against the death estate.
Have you worked through the entire chapter on the OT course notes, most importantly in this context p.147?Yes i worked through them but got confused after practising questions.
So plz confirm.
If clt, pet made before 7 years of death the will be exempt and dont use nil band , right?
Also transfer to spouse same condition will be exempt and not use nil band even if less then 7 years.
Am I rights?
With respect zkaay the answer to your question about such CLT’s made more than 7 years before death is explained in the answer to example 2 that I referenced in my reply.
The other issues are also dealt with in the notes and lectures – PET’s made more than 7 years before death are not chargeable when made and not chargeable on death, but do use any AE’s applicable to them.
Transfers between spouses are exempt so are not chargeable whatever date they were made
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