A chargeable transfer is a lifetime gift not covered by any of the exemptions, making it liable to inheritance tax. This can include potentially exempt transfers or payments into a discretionary trust.
Gifts made during an individual's lifetime, which have specific implications for inheritance tax based on their amount, occasion, and recipient.
A Potentially Exempt Transfer (PET) refers to a gift that may not be immediately subject to inheritance tax, provided the donor survives for a period of seven years after making the transfer. PETs play a significant role in estate planning and gift tax strategies.
A potentially exempt transfer (PET) is a lifetime gift by an individual that becomes exempt from inheritance tax if they survive seven years beyond the date of the gift. If the donor passes away within seven years, inheritance tax liability may arise.
