Video 24.5 totally confused me with whole idea of CLT and PET. Why there was no life time tax paid deduction for 31k plus there was no calculation for CLT paid on march 2019 while computing lifetime transfer chargeable on death.
To add to your point, I also don’t understand why there’s a SECOND deduction of the nil rate band (£325,000) on the remaining lifetime transfers (@22:00)?
In illustration 7 in the 24.3 Potentially Exempt Transfers (PET) (16:00) video is there an error in the solution? it has the chargeable estate of $750,000 will be charged at 40% giving a further liability of $300,000 is that correct?
Video 24.5 totally confused me with whole idea of CLT and PET. Why there was no life time tax paid deduction for 31k plus there was no calculation for CLT paid on march 2019 while computing lifetime transfer chargeable on death.
I see the example 24.5 is not complete and I cant find its solution in the next video . Am I missing something please guide me.
To add to your point, I also don’t understand why there’s a SECOND deduction of the nil rate band (£325,000) on the remaining lifetime transfers (@22:00)?
In illustration 7 in the 24.3 Potentially Exempt Transfers (PET) (16:00) video is there an error in the solution? it has the chargeable estate of $750,000 will be charged at 40% giving a further liability of $300,000 is that correct?