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Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › Annual exemption
Hi,
Here I want to note only There should be no annual exemption right?
because it is estate not a gift!
Thanks
Q
Maaya died on 26 April 2023 leaving an estate valued at £900,000.
Under the terms of her will, Maaya estate was left to her children.
The estate included a main residence valued at £350,000.
What is the inheritance tax liability?
£
Answer is
he inheritance tax (IHT) liability is:
Chargeable estate £900,000
IHT liability:
£500,000 at 0% (£325,000 NRB + £175,000 Residence NRB)
£400,000 *40% = £160,000
Annual exemptions are for lifetime giving only – read the manual
Thanks a lot.
no worries