Question
Kumar died on 25 January 2023. He had made the following gifts during this lifetime: 1) On 12 October 2018 a cash gift of 235,000
Kumar died on 25 January 2023. He had made the following gifts during this lifetime: 1) On 12 October 2018 a cash gift of 235,000 to chargeable lifetime transfers. No lifetime inheritance tax was payable in respect of this gift. II) On 16 May 2020 a cash gift of 460,000 to his son for his marriage. III) On 22 August 2020 a gift of a property valued at 300,000 to chargeable lifetime transfer. lifetime tax was payable in respect of this gift by donor. IV) 25 January 2023 Kumar's estate was valued at 850,000. The estate include Kumar's main residence valued at 200,000. Under the terms of his will, Kumar left his entire estate to his son. V) The cost of Kumar's funeral will be 8,500. He also has outstanding credit card balance of 3,000, which is due to be repaid on his death. THE nil rate band of Kumar was fully utilised when she died 7 years ago. calculate the inheritance tax payable as a result of kumars death and state who will be responsible for paying the tax
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