You can enter Potentially Exempt Transfers (PETs) and Chargeable Lifetime Transfers (CLTs) that predate the beginning of the plan on the Carryover Assumptions screen. This screen is used to capture all manner of tax and pension related information that predate the beginning of the plan.
How to model a previous PET
Go to the Carryover Assumptions screen near the bottom of the Dashboard.
Since PETs are tracked for the potential IHT liability of the individual, be sure to select the appropriate person who made the gift on the screen's People selection on the left.
Scroll down to the Nil Rate Band Carry Forward & Previous Transfers section.
Click Add Transfers next to Potentially Exempt Transfers.
This panel gives you the option to enter PETs made up to seven years before the start of the plan. Input the amount of the PET(s) in the relevant year(s):
You can see failed PETs in the Overview > Legacy screen. For example go to Legacy and run the 'If both die today' scenario which assumes mortality at the end of plan year 1. Click on the dots and dashes button to see the details as shown below.
How to model a previous CLT
Go to the Carryover Assumptions screen near the bottom of the Dashboard.
Since CLTs are tracked for the potential IHT liability of the individual, be sure to select the appropriate person who made the gift on the screen's People selection on the left.
Scroll down to the Nil Rate Band Carry Forward & Previous Transfers section.
Click Add Transfers next to Chargeable Lifetime Transfers.
This panel gives you the option to enter CLTs made up to fourteen years before the start of the plan. Input the amount of the CLT(s) and the amount of any lifetime IHT paid in the relevant year(s):
You can see failed CLTs in the Overview > Legacy screen. For example go to Legacy and run the 'If both die today' scenario which assumes mortality at the end of plan year 1. Click on the dots and dashes button to see the details as shown below.
How to remove Previous PET/CLT entries from Carryover Assumptions
If you need to remove the Previous PET/CLT entries e.g. because you input them for the wrong person in the plan, you can click Clear to remove the entries: