I have a situation where the PET was made less than 7 years ago, so the beneficiaries will have to pay IHT on the demise of the donor. However, since the gift, one of the beneficiaries has passed it to his spouse (the other beneficiary).
Does the wife have to pay the IHT on both halves of the gift in accordance with s199© IHTA
“so far as the tax is attributable to the value of any property, any person in whom the property is vested (whether beneficially or otherwise) at any time after the transfer, or who at any such time is beneficially entitled to an interest in possession in the property.”
Lambert Chapman LLP