Illustration - gifts
You'll learn how to calculate the chargeable amount for different types of lifetime gifts, a key skill for Inheritance Tax questions in the Taxation paper.
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In this lesson
- 0:00 Inheritance tax lifetime gifts overview
- 0:48 Small gifts exemption application
- 1:02 Marriage exemption and annual allowances
- 1:51 Chargeable lifetime transfers to trusts
- 2:10 Spouse exemption and tax planning
About this lesson
This worked illustration walks you through four real-world gifting scenarios—including gifts to individuals, trusts, and spouses—showing how exemptions (small gifts, marriage, annual, and spouse exemptions) reduce or eliminate the taxable amount. You'll see why the order of gifts matters for tax planning and how to handle chargeable lifetime transfers to discretionary trusts. By the end, you'll be confident applying exemption rules correctly and spotting planning opportunities in exam questions.
Duration: 2m
Transcript
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