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Unsure which year to take in inheritance tax

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › Unsure which year to take in inheritance tax

  • This topic has 1 reply, 2 voices, and was last updated 6 years ago by Tax Tutor.
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  • Author
    Posts
  • February 9, 2020 at 8:33 pm #561210
    caoimhin23
    Member
    • Topics: 14
    • Replies: 3
    • ☆

    Question is

    What amount of Nings husband nil rate band that Nings reps could claim if she were to die on 20th March 19?

    Her husband died in March 07 and 70% of his inheritance nil rate band was used

    06/07 nil rate band is 285000

    I would think it is 285,000* 70%= 199500

    However the text says 325000*70%
    Not sure if this is correct though? And if it is why use current year figure?

    February 10, 2020 at 4:13 pm #561297
    Tax Tutor
    Member
    • Topics: 2
    • Replies: 3965
    • ☆☆☆☆☆

    Read the OT notes in conjunction with the lectures and you won’t need to ask this question.
    See OT Notes Chapter 24 section 3.2, note to Illustration 5

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