Gifts of deferred consideration - 7 year clock timing

PippaO

Hello,

A client assigned a sum of money to his son, being the deferred consideration he would have received from an MBO that took place in the client's business.
The 'gift' of money assigned was actually received in several tranches 2 years after the date assigned.
My question - when did the 7 year clock start ticking for IHT purposes? On the date assigned or the dates received in the hands of the recipient?
I'm thinking it's the latter as a gift is only effective once received in a recipient's bank? It could be revocable before then? Anyway if anyone is able to confirm for sure that would be helpful.

Thanks.

richardgough

7 year clock on any gift starts only once the recipient is in full, unconstrained receipt.

PippaO

Thanks Richard