- chargeable lifetime transfer
England, WalesLifetime transfers of value (transfer of value) (broadly, gifts) that are immediately chargeable to inheritance tax at 20% (subject to any exemptions and reliefs and also subject to the individual's nil rate band). Broadly, a lifetime gift is immediately chargeable if it does not constitute a potentially exempt transfer (PET). The following are CLTs:• Gifts to relevant property trusts.• Gifts to companies.• Gifts made by close companies (close company).For further information on inheritance tax, see Practice note, Inheritance tax: overview.
Practical Law Dictionary. Glossary of UK, US and international legal terms. www.practicallaw.com. 2010.
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