chargeable transfer

Certain lifetime gifts that are transfers of value not covered by any of the exemptions and are therefore liable to inheritance tax. If such a lifetime gift is not a potentially exempt transfer, it is a chargeable transfer. If the gift is a potentially exempt transfer, but death occurs within seven years, then that potentially exempt transfer becomes a chargeable transfer.

Accounting dictionary. 2014.

Look at other dictionaries:

  • chargeable transfer — Certain lifetime gifts that are transfers of value not covered by any of the exemptions and are therefore liable to inheritance tax If such a lifetime gift is not a potentially exempt transfer, it is a chargeable transfer. If the gift is a… …   Big dictionary of business and management

  • chargeable transfer — Fin in the United Kingdom, gifts that are liable to inheritance tax. Under U.K. legislation, individuals may gift assets to a certain value during their lifetime without incurring any liability to inheritance tax. These are regular transfers out… …   The ultimate business dictionary

  • chargeable transfer of value — England, Wales A transfer of value made by an individual that is not (by virtue of Part II of the Inheritance Tax Act 1984) an exempt transfer (exempt transfer of value). Practical Law Dictionary. Glossary of UK, US and international legal terms …   Law dictionary

  • transfer of value — a disposition made by a person (the transferor) as a result of which the value of his estate immediately after the disposition is less than it would be but for the disposition, and the amount by which it is less is the value transferred. This… …   Law dictionary

  • transfer of value — Fin see chargeable transfer …   The ultimate business dictionary

  • chargeable lifetime transfer — England, Wales Lifetime 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… …   Law dictionary

  • potentially exempt transfer — Fin see chargeable transfer …   The ultimate business dictionary

  • potentially exempt transfer — (PET) England, Wales A transfer of value made during the donor s lifetime, that comes within the provisions of section 3A Inheritance Tax Act 1984. A PET is only chargeable to IHT if the donor fails to survive for seven years from the date of the …   Law dictionary

  • inheritance tax nil rate band — England, Wales The amount of an individual s estate which is chargeable to inheritance tax (IHT) at 0% (that is, on which there is no IHT to pay). If the value of an estate (including any chargeable transfers of value ( …   Law dictionary

  • nil rate band — inheritance tax nil rate band England, Wales The amount of an individual s estate which is chargeable to inheritance tax (IHT) at 0% (that is, on which there is no IHT to pay). If the value of an estate (including any chargeable transfers of… …   Law dictionary

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