May 16, 2017
Inheritance Tax - Gifts with reservation
Since the introduction of inheritance tax (IHT) in 1986, the area of gifts with reservation has proved fertile ground for disputes with HM Revenue & Customs (HMRC). Inheritance tax differs from its predecessor taxes on the transfer of wealth by offering the opportunity to make lifetime gifts of substantial assets free of tax. The potentially exempt transfer (PET) regime encourages early estate…
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