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Article: IHT shouldn't happen to a Pet.(The Inheritance Tax Act and transfers)(Brief Article)
- Article from:
- Money Marketing
- Article date:
- September 28, 2000
- Author:
CopyrightCOPYRIGHT 2000 Centaur Communications Limited. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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In the fourth of a series of articles aimed at helping IFAs understand inheritance tax, Scottish Widows senior marketing manager (technical support) Anne Young examines the difference between potentially exempt and chargeable transfers
The concept of a potentially exempt transfer was introduced in 1986 at the same time as inheritance tax replaced capital transfer tax.
A Pet is a transfer of value that will not trigger an inheritance tax charge if certain criteria are met.
The first criteria for being a Pet is that the transfer of value must be a gift. But when is a transfer of value a gift?
The Inheritance Tax Act says a transfer of ...