Learn about Potentially Exempt Transfers (PETs) and Chargeable Lifetime Transfers (CLTs), their interaction with each other and the impact these gifts have on Inheritance Tax (IHT).
Discover why making gifts in a specific order is important and what the ‘14 year rule’ actually means.
Two main considerations when planning the IHT position of gifts are:
- the tax position whilst the individual is alive
- the tax position after the individual has died