Tony died on 11 July 2020, leaving an estate which was valued at 900,000. None of the
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Tony died on 11 July 2020, leaving an estate which was valued at £900,000. None of the transfers made on his death were exempt from IHT. He had made the following transfers during his lifetime:
Calculate the tax payable as a result of Tony's death. (Assume that there is no unused nilrate band to be transferred from a previously deceased spouse or civil partner and that Tony's residence was not left to a direct descendant).
Transcribed Image Text:
3 May 2012 1 July 2013 1 August 2013 10 November 2014 Gift to relevant property trust (tax paid by trustees) Gift to daughter Gift to son Gift to relevant property trust (tax paid by Tony) 113,000 185,000 250,000 447,000
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To calculate the inheritance tax IHT payable as a result of Tonys death we need to determine the value of his estate for IHT purposes and apply the ap...View the full answer
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