HMRC increases focus on lifetime transfers

The newsletter states: “Not only will we be looking at estates where a form D3 has been completed giving details of gifts or other transfers of value but we will be reviewing other aspects of the estates which we know can give rise to lifetime transfers. These may include joint assets, loans, movements of funds between multiple bank accounts, inheritance, business or partnership and rights under a pension scheme." The newsletter highlights specific examples within each category of how gifts can arise. Alan Smith, managing director of Capital Asset Management said: “Many gifts go unreported...