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If IHT is payable it should be paid 6 months after the end of the month in which the transfer was made, but earliest the 30th April following the end of the tax year in which the transfer took place. For example tax payable on a CLT made in December 2014 will be payable by June 30, 2015, whereas if the CLT was made in June 2014 then the IHT would not be payable until April 30, 2015.
sir i did not understand why cLT made in june 2014 not paid in dec 2014?2.If the lifetime tax paid exceeded the amount of tax now due, no additional tax would be payable, but equally there would be no repayment of lifetime tax paid.
IHT=30,000
less: Taper Relief (40%)(12,000) i.e. 18000Less: Lifetime Tax Paid (15,000)
Additional Tax Due on Death 3,000sir if it is 14000 instead of 18000 what should we do?
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