Gift Inter Vivos
This is a special type of term assurance, designed specifically to match the Inheritance Tax (IHT) liability on any gifts your client makes that HMRC could consider a Potentially Exempt Transfer (PET). The policy has a seven year term and the sum assured decreases in line with the IHT liability on the gift(s) your client has made. If your client dies within the policy term, the sum assured will be paid to their beneficiaries as a tax-free lump sum, to cover any remaining IHT liability on their gift(s).
Please note: This product is suitable for both healthy and impaired lives.
How it works
The sum assured decreases to mirror the Government's IHT regulations and offsets the IHT liability on any gifts your client has made, paying out a lump-sum if they die during the policy term.