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24/03/2009
A Potentially Exempt Transfer is a life time gift which is exempt from a charge to Inheritance Tax if the donor survives 7 years after the gift. If the donor dies within 7 years the gift becomes chargeable with the donee liable to pay any tax arising.
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Should a lay trustee whose co-trustee was the Executor and Trust Company of a solicitor’s firm be entitled to argue that he had a reasonable excuse for the late payment of capital gains tax (CGT) on a share sale because HMRC had not drawn the payment on account feature to his attention?
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