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A/E for IHT

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › A/E for IHT

  • This topic has 3 replies, 3 voices, and was last updated 7 months ago by PurpleLotus.
Viewing 4 posts - 1 through 4 (of 4 total)
  • Author
    Posts
  • November 19, 2024 at 8:58 pm #713367
    PurpleLotus
    Participant
    • Topics: 16
    • Replies: 13
    • ☆

    On 1 July 2022, Sameer made a gift of £2,500 to his sister.
    On 1 May 2023, he made a cash gift of £2,000 to a friend.
    On 1 June 2023, he made a cash gift of £50,000 to a trust.

    Sameer has not made any other lifetime gifts.

    In respect of Sameer’s cash gift of £50,000 to the trust, what is the lifetime transfer of value for IHT purposes after taking account of all available exemptions?

    – £48,500
    – £44,000
    – £46,000
    – £46,500

    Answer: £48,500

    Dear Tutor,
    I am why the answer £46,000 was not considered?

    Since there were no other lifetime gifts, the A/E for 2021/22 would have been available in full. So it could be used up to cover the first gift. That would have allowed for the 2022/23 A/E to be fully available. Then there would have been £1000 remaining from 2022/23 and £3000 for 2023/24.

    I would be grateful if you could help me clarify this.
    Thank you.

    November 20, 2024 at 3:15 pm #713380
    JillyB
    Keymaster
    • Topics: 0
    • Replies: 899
    • ☆☆☆☆

    Answered already

    November 21, 2024 at 5:21 am #713390
    mrjonbain
    Moderator
    • Topics: 6
    • Replies: 2473
    • ☆☆☆☆☆

    Anyone coming across this thread, please see here for the answer-

    https://opentuition.com/topic/a-e-for-iht-2/

    November 21, 2024 at 2:15 pm #713405
    PurpleLotus
    Participant
    • Topics: 16
    • Replies: 13
    • ☆

    Thank you!

  • Author
    Posts
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