3. John made the following lifetime gifts during the tax year 2019/20: a) Gift of cash to his wife 400,000 b) Gift of 10,000 shares to his son on his marriage. Before giving gift of shares, John owns 16,000 shares (80% holding) in Jam Ltd. The market value of Jam Ltd's shares on the date of gift was as follows: Holding Market price per share Up to 25% 20 26% to 40% 30 41% to 50% 35 51% to 75% 45 76% to 100% 50 (i) Explain the meaning of Taxable Person under Inheritance Tax. (100 words) (ii) For the above scenario, you are required to calculate: Transfer of Value and Gross Chargeable Amount after considering the relevant exemptions for the lift time gift. (iii) Assume that John dies on 20/12/2021, calculate the tax on death for the lifetime gift and specify who pays the tax and the due date for the payment of tax. 3. John made the following lifetime gifts during the tax year 2019/20: a) Gift of cash to his wife 400,000 b) Gift of 10,000 shares to his son on his marriage. Before giving gift of shares, John owns 16,000 shares (80% holding) in Jam Ltd. The market value of Jam Ltd's shares on the date of gift was as follows: Holding Market price per share Up to 25% 20 26% to 40% 30 41% to 50% 35 51% to 75% 45 76% to 100% 50 (i) Explain the meaning of Taxable Person under Inheritance Tax. (100 words) (ii) For the above scenario, you are required to calculate: Transfer of Value and Gross Chargeable Amount after considering the relevant exemptions for the lift time gift. (iii) Assume that John dies on 20/12/2021, calculate the tax on death for the lifetime gift and specify who pays the tax and the due date for the payment of tax