On 1 July 2020, Violet makes a chargeable lifetime transfer (after deduction of relevant exemptions) of 48,000.
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On 1 July 2020, Violet makes a chargeable lifetime transfer (after deduction of relevant exemptions) of £48,000. Her only previous chargeable lifetime transfer was made in 2016 and had a gross value (after exemptions) of £283,000. Calculate the IHT due if:
(a) the transferee agrees to pay the tax due
(b) the tax due is paid by Violet.
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The total of transfers in the previous seven years is 283000 leaving 42000 of the nil rate band to s...View the full answer
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