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QUESTION SIX An inheritance tax (IHT) liability potentially arises when there is a transfer of an asset on the death of its owner and a

QUESTION SIX

An inheritance tax (IHT) liability potentially arises when there is a transfer of an asset on the death of its owner and a gift of an asset during the lifetime of its owner. Certain transfers, however, are exempt from IHT. In other cases, an exemption or relief may reduce the value of a transfer for IHT purposes.

Identify transfers that are possibly exempt from IHT and critically discuss those exemptions.

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