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BPP practice and revision kit – Inheritance tax – Q201 – James

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › BPP practice and revision kit – Inheritance tax – Q201 – James

  • This topic has 3 replies, 2 voices, and was last updated 6 months ago by JillyB.
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  • November 26, 2024 at 8:53 am #713535
    Soosees29
    Participant
    • Topics: 14
    • Replies: 54
    • ☆☆

    BPP practice and revision kit – Inheritance tax – Q201 – James

    Hi I have a question regarding the above question in the BPP practice and revision kit please, on the death estate part of the question;

    Death estate

    Chargeable estate 870,000
    ––––––––
    Inheritance tax liability 870,000 at 40% 348,000
    ––––––––
    The personal representatives of James’ estate will be responsible for paying the inheritance tax of £348,000.

    Why do we not deduct the nil rate band for £325,000 for the estate and then charge 40%?

    Thanks 🙂

    December 1, 2024 at 2:18 pm #713658
    JillyB
    Keymaster
    • Topics: 0
    • Replies: 899
    • ☆☆☆☆

    I do not have access to BBP revision kit

    December 1, 2024 at 8:55 pm #713665
    Soosees29
    Participant
    • Topics: 14
    • Replies: 54
    • ☆☆

    That’s okay, I realised the NRB has been used so that’s why it’s 40%

    December 2, 2024 at 9:53 am #713676
    JillyB
    Keymaster
    • Topics: 0
    • Replies: 899
    • ☆☆☆☆

    Well done and all the best for the exam

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