The 7-year rule

The 7-year rule

Most gifts made during a person’s lifetime are not subject to Inheritance Tax at the time of the gift. These lifetime transfers are known as ‘potentially exempt transfers’ or ‘PETs’. These gifts or

IHT immediately chargeable transfers

IHT immediately chargeable transfers

There are special rules concerning the liability to IHT on a transfer made during a person’s lifetime. Most gifts made during this period are not subject to tax at the time of the gift.

These

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