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Nil rate band

Forums › ACCA Forums › ACCA TX Taxation Forums › Nil rate band

  • This topic has 0 replies, 1 voice, and was last updated 9 years ago by Rita.
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  • September 2, 2015 at 9:51 pm #269625
    Rita
    Member
    • Topics: 4
    • Replies: 12
    • ☆

    Could someone tell me which gifts are deductible from the Nil rate band and from which period?

    There is an exercise of which solution confuses me.
    30/09/2003 CLT1 of £200,000 was made to a trust
    30/09/2007 CLT2 of £300,000 was made to the same trust
    31/08/2014 The donor has died

    Q: Calculate the lifetime IHT payable on the gift on 30/09/2007 and any additional IHT payable following the donor’s death. Nil rate band in 2007/08 was £300,000.

    A:lifetime IHT payable 48,500 coming from £300k-AE 2007/08 (£3k)-AE 2006/07(£3k)-remaining NRB (£100k) multiplied by 0.25 as the donor paid the IHT.
    This also gives the gross figure of the gift which is £342.5k. So far so good..

    But then, when the donor dies, the solution advise to deduct £200k from £325k to get the remaining NRB. Why?

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