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Inheritance Tax – chapter 24

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › Inheritance Tax – chapter 24

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  • May 28, 2023 at 4:39 pm #685246
    AHernandez12
    Participant
    • Topics: 2
    • Replies: 3
    • ☆

    Hi there,

    For chapter 24, illustration 2, regarding the small gifts- it says it is a gift of £200 EACH to two friends, so would this then not qualify as a small gift as this would technically be £400?

    Many thanks for your help. Kind regards,

    May 28, 2023 at 4:42 pm #685247
    AHernandez12
    Participant
    • Topics: 2
    • Replies: 3
    • ☆

    Furthermore, for the CLT for that question, why is it not entitled to the AE for 2023/24 of £3,000?

    Many thanks again

    May 29, 2023 at 10:04 am #685292
    JillyB
    Keymaster
    • Topics: 0
    • Replies: 899
    • ☆☆☆☆

    If you read the manual you will see that it’s small gift per individual – so they should qualify if different people. And this is clearly shown in the answer.
    There no gifts in 23/24

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