Lifetime transfers and liability to IHT

Lifetime transfers and liability to IHT

There are special rules concerning the liability to IHT of a transfer made during a lifetime. For example, most gifts made during a person's life are not subject to tax at the time of the gift. These lifetime transfers are known as 'potentially exempt...
Transferring unused nil rate band for IHT

Transferring unused nil rate band for IHT

The Inheritance Tax residence nil rate band (RNRB) is a transferable allowance for married couples and civil partners (per person) when their main residence is passed down to a direct descendent such as children or grandchildren after their death.  The allowance...
IHT gifts – 7 year limit

IHT gifts – 7 year limit

Most gifts made during a person’s life are not subject to tax at the time of the gift. These lifetime transfers are known as 'potentially exempt transfers' or 'PETs'. These gifts or transfers achieve their potential of becoming exempt if the...
Utilise your 2023-24 IHT reliefs

Utilise your 2023-24 IHT reliefs

We wanted to remind you of the Inheritance Tax (IHT) implications of making cash gifts during the current 2023-24 tax year that will end on 5 April 2024. You can give away up to £3,000 worth of gifts each tax year. This is known as your annual exemption. Any...
IHT – Giving away your home before you die

IHT – Giving away your home before you die

The majority of gifts made during a person's life, including gifting a home, are not subject to tax at the time of the gift. These lifetime transfers are known as 'potentially exempt transfers' or 'PETs'. These gifts or transfers achieve their...
Transferring IHT unused nil rate band

Transferring IHT unused nil rate band

The Inheritance Tax residence nil rate band (RNRB) is a transferable allowance for married couples and civil partners (per person) when their main residence is passed down to a direct descendent, such as children or grandchildren, after their death.  The...