Hello, I have a question relating to IHT specifically chargeable life transfers and PET. 1. If I made a £300,000 transfer into a trust would it be a CLT or a PET? 2. If I made a transfer into a trust for £3,000,000? 3. Do I still get the Nill-Rate band? Thanks for the info!
Hi Lewis - Transfer to a trust are a chargeable lifetime transfer and assets given to individuals are PETs. Part two if you live 7 years after making a CLT and you have made no extra PETS ot CLTs in that 7 year period you will still get you NRB. For PETS you just need to live the 7 years.
Hello, I have a question relating to IHT specifically chargeable life transfers and PET. 1. If I made a £300,000 transfer into a trust would it be a CLT or a PET? 2. If I made a transfer into a trust for £3,000,000? 3. Do I still get the Nill-Rate band? Thanks for the info!
Hi Lewis - Transfer to a trust are a chargeable lifetime transfer and assets given to individuals are PETs. Part two if you live 7 years after making a CLT and you have made no extra PETS ot CLTs in that 7 year period you will still get you NRB. For PETS you just need to live the 7 years.