Fernando is a trader he purchases inventory at cost of 50,500 (inc. VAT) and incurs the expense of 8,000 (Inc. VAT) and sells the inventory for 95,000 (Excl.VAT).

Required:

(a) If it standard rate (20%) How much the trader will pay to HMRC or the HMRC will pay for him ?

(b) If it Zero rat (0%). How much the trader will pay for HMRC or HMRC will pay to Fernando ?

Khalid during his lifetime made the following gifts: on 15 March 2014 he gifted his wife 10,000 for her birthday. On 17 February 2016 he gifted his best friend Ahmed 100, after that on 11 October 2017 he gifted his daughter 28,550 as a marriage gift. Later onKhalid gifted his son 330,000.

Khalid died on 15 November 2021.

Required:

Compute the IHT payable.

Answer quickly please