For question 136, I would like to know why the annual exemption was not applied. I know that the AE only applies to lifetime transfer…could it be that this is not a lifetime transfer? If it isn’t then how do I tell whether it is a lifetime transfer.
Also for question 127 it stated that the small gifts exemption only applies to lifetime transfers…why is this not a lifetime transfer
I do not have the BPP kit to look at the questions but in your first question it may be that the question has asked for the transfer of value instead of the chargeable transfer?