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Bpp mock paper 2 question 3.

This topic has 1 reply, 2 voices, and was last updated 8 years ago by Tax Tutor.

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May 31, 2016 at 9:22 pm #318516
mdhalla20
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When calculating the IHT on death of donor, PET becomes chargeable , why dot we deduct the p.e.t which is £409,000 from the n.r.b. ? Instead we just take the n.r.b as £325,000?
June 3, 2016 at 1:35 am #318964
Tax Tutor
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I do not have the BPP mock exam but if the PET is the first transfer to be taxed and there was no CLT within the 7 years prior to it then you would simply deduct the NRB from the PET and tax at 40 % and then reduce that tax charge by any taper relief if available
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