Earlier transfers - IHT 403 form

Madeinireland101

Im struggling to understand the relevance of this section of the schedule IHT403 form - questions 18 and 19 - despite having read the guidance notes.

It seems to suggest as an executor you need to research gifts made up to 14 years before the death of person. I always thought you only had to worry about the previous 7 years. Also in the guidance notes it says…Gifts from one individual to another are not chargeable gifts and therefore should not be included in this section of the form.

What other gifts are they talking about then that are chargeable gifts? Can anyone please give me a simple example? And how would an executor know about them without having to research 14 years of the life of the person who died?

Thanks

Keep_pedalling

There are gifts that can create a 14 year rule, but those involve gifting to trusts rather than individuals (see link). If the deceased only ever made gifts to individuals then nothing need reporting here.

https://techzone.abrdn.com/anon/public/iht-est-plan/IHT-14-year-rule

This thread should have been posted over on the deaths, funerals and probate board and I have asked for it to be moved.

Madeinireland101

Ok Thanks - I understand now