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inheritence tax early gift question
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Is the 7year period based on Calender date or tax year date?
Eg, If I make a gift on 1st April 2014 and I die on 10th April 2020,is this period 6years or 7years?, for PET purposes?
Based on the date of the gift. Your example - 6 years and 9 days.There are 10 types of people in the world - those who understand binary and those who do not. :doh:0 -
thenudeone wrote: »Surely you mean:there is no 'sliding scale' if the value of the estate plus gifts, totals under 325,000
There is no tapering relief for the total value of gifts/PETs in the last 7 years if under £325k. The sliding scale relief only applies to gifts in excess of £325k.Stephen Covey once said that "when you teach once, you learn twice". That is the primary reason for my participation on the forums as an IFA.
Although I strive to provide accurate information in my posts, there may be the odd time when I fail. Yes I know it's hard to believe but even Your Hero can make mistakes. Apologies in advance.0
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