Tag Archives: potentially exempt transfers

Financial Gifts and Inheritance Tax

Making financial gifts

 

Passing on your assets effectively whilst you’re alive

Some people like to transfer some of their assets whilst they are alive – these are known as ‘lifetime transfers’. Whilst we are all free to do this whenever we want, it is important to be aware of the potential implications of such gifts with regard to Inheritance Tax. The two main types are potentially exempt transfers (PETs) and chargeable lifetime transfers (CLTs).

Read more…