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Hello
1) sir death tax on gift is not claimed if gap between gift and death is of 7 years or more OR it is not claimed if gap is of more than 7 years?
IHT is only chargeable at death if the taxpayer dies within 7 years of the transfer as stated within the notes and lectures – the word to use is not “claimed” – it is charged.
ok but death tax is not charged if gap between gift and death is of 7 years or more OR it is not charged if gap is of more than 7 years? 7 years or more OR more than 7 years?
Humai, I have answered the question you posed – the transfer will be chargeable if you die within 7 years of the lifetime transfer – both this question and the other that you have asked are ridiculous questions about dates that are irrelevant in taking this exam. The examiner does not play silly games!
Actually the thing which confuses me is that I do not know that when we say that within 7 years of gift, so within 7 years means complete 7 years or does it mean before 7 years are completed. Can you please clear me this?
Humai – as I said to you last time the examiner is NOT going to set silly questions where the 7 year period or any other period of time to which a rule relates is going to be within 1 day of that time period. In your own best interest focus on what you need to know and do not think up imaginary irrelevant issues!
Sir there is a question in past exam that B ltd accounting year end is 31 march. It sold a building on 31 may 2020. It is intended that chargeable gain on sale will be rolled over to the extent that it is possible. In relation to claiming rollover relief in respect of sale of building , state the period within such assets must be acquired
Sir as we know that rollover relief can be claimed uptill 1 year before disposal and uptill 3 years after disposal. So examiner has written the period , 1 June 2019 to 31 May 2023
sir my question is that as he has written 31 may 2023, that is perfectly fine but in this same way he should have written 31 may 2019 rather than 1 june 2019. but why he has written 1 june 2019?
This the reason that I am giving importance to dates
Humai – that is not a reason for giving importance to dates and is not a tax question it is a calendar question that is wasting both my time and your time – the year that ends 31 May 2020 began 1 June 2019 but the examiner will not care if you put 31 May 2019 or 1 June 2019!
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