Summary of the session
30 minutes structured CPD
Synopsis
If you’re advising clients with a potential Inheritance Tax (IHT) liability and recommending lifetime gifts, it’s important to understand how they’re classified for IHT purposes, how they interact with each other and if any relief will apply on death. If you need a quick reminder of these areas, please read the following articles:
Article one: Gifting and IHT
Article two: IHT annual exemption
Article three: Normal expenditure out of income expenditure
Article four: IHT taper relief
Learning Objectives
To be able to demonstrate an understanding of:
- Potentially exempt transfers (PETs), Chargeable Lifetime transfers (CLTs) and their interaction with each other
- Rules relating to the annual £3,000 exemption for IHT purposes
- The normal expenditure out of income exemption and how to plan with it
- How taper relief can reduce the tax payable on lifetime gifts
Support
For further information, please contact [email protected]
Assessment
Pass = 4 out of 5