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Thats an unusual question in so far as the property was bought a long time ago and available 8 years ago. I think that’s why
Yes you’re being asked to deal with the gain in 2024 but what happened before has an impact on the figures you use in 2024.
Correct – the £586250 is the total of the taxable amount and the IHT paid – the gross chargeable amount
in this situation you would always use opening years first becasue you go back further and generate a tax refund
The question is about utilising the loss and applying the rule to the question rather than taking PA into account – it’s just an example
If time apportionment is needed then it’ll be on the allowance you calculate and not the cost
The question clearly says that the lifetime gifts used up the NRB so they want you (basically) to ignore it and work the tax out without considering it.
the gift to her daughter was aPET and is not taxable and therefore doesn’t need a NRB
This question is 6 years old and you should be dealing with questions for this FA or you will find much confusion – 11,700 was the AEA at the time.
DO NOT do old question as the rules have changedI always suggest students extend both bands even if they are not required for the answer as the rule does extend to both bands
If the information isn’t in the lectures/manual then it’s not part of the exam
They are saying that paying her a high salary incurs NIC for both employee and employer and it would be better to give her more dividends that do not attract such a high cost – she’ll end up with more money in her pcoket that way.
