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I also passed on my first attempt with Ms Gillian Moorse as my mentor. A big Thank You to her.
I highly recommend her as she not only possesses experience as a former OBU marker but also the personal qualities required to guide her students to success. Thanks again to Absolute Mentoring.Oh. I just remembered. The AIA amount should be apportioned not the asset amount. So 2000000×9/12= 150000
Ok. I think I got it . The wife didnt have a main residence so her nil rate band was passed on. I got sidetracked because it says she had no main residence but she would still be entitled to the allowance which her husband can claim .
I’m still confused about the CLT part though. Was the culmination period not in effect for the 2017/18 tax year ?
Yes I have. Which is why I dont understand the answers . For the first question the residence nil rate band for 2018-19 tax year is 125000. If the value of the residence after the deduction of the interest is less than the nil rate band then the nil rate band is reduced to the value of the estate so how can the residence nil rate band be 188000 when that is more than the allowance of 125000?
For the second question I don’t get why the 7 years culmination period wasn’t used as the CLT was within 7 years of the PET which is chargeable on death.
