In the UK, lifetime transfers refer to the transfer of assets from one person to another during the lifetime of the person making the transfer, rather than upon their death. Lifetime transfers can take many forms, including gifts, sales, or transfers made as part of a business or financial transaction.
Lifetime transfers can have a variety of motivations, including the desire to share wealth with family or friends, to reduce the size of an estate for tax purposes, or to transfer ownership of a business or other asset.
There may be tax consequences associated with lifetime transfers in the UK, depending on the value of the assets being transferred and the relationship between the transferor and the recipient. For example, if the transferor is a UK resident and the value of the assets being transferred exceeds the annual gift allowance of £3,000, the transferor may be subject to inheritance tax.
It is important to consult with a qualified tax professional or attorney to understand the potential tax implications of a lifetime transfer in the UK and to ensure that it is carried out in a tax-efficient manner.