Revenue clamps down on 'lifetime gifts'

The insurer says HMRC’s latest IHT & Trusts newsletter contains an item about investigations arising on death, in regard to lifetime gifts. Standard Life says until 31 March 2008, further examinations will take place in this area. The D3 form, used to report lifetime gifts, is submitted by executors of the deceased along with the main paperwork. Within seven years of death, lifetime gifts such as Potentially Exempt Transfers (PETs) and Chargeable Transfers (CTs) are required to be reported. "Executors will have to pay particular attention to the checks made about lifetime gifts,” Standa...