What happens about inheritance tax if a couple die together in an accident?

In this video, we will explore the unique challenges of inheritance tax when a couple tragically passes away together. Unveil crucial insights into how this scenario affects unmarried and married couples' tax situations. Discover the importance of estate planning and the potential tax savings it offers. Stay informed for your family's financial security.
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[@lewis5547]

Hello, I have a question relating to IHT specifically chargeable life transfers and PET. 1. If I made a £300,000 transfer into a trust would it be a CLT or a PET? 2. If I made a transfer into a trust for £3,000,000? 3. Do I still get the Nill-Rate band? Thanks for the info!

[@Inheritancetaxadvice]

Hi Lewis - Transfer to a trust are a chargeable lifetime transfer and assets given to individuals are PETs. Part two if you live 7 years after making a CLT and you have made no extra PETS ot CLTs in that 7 year period you will still get you NRB. For PETS you just need to live the 7 years.