1. John made the following lifetime gifts during the tax year 2019/20:

1. Gift of cash to his wife 400,000
2. 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 Ltds 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

1. Explain the meaning of Taxable Person under Inheritance Tax. (100 words)

2. 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.

3. 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.

(1 + 2.5 + 1.5 marks = 5 marks)