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Charegable gains

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › Charegable gains

  • This topic has 1 reply, 2 voices, and was last updated 4 months ago by Tax Tutor.
Viewing 2 posts - 1 through 2 (of 2 total)
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  • January 30, 2022 at 1:19 am #647728
    Nikitagarwal
    • Topics: 154
    • Replies: 146
    • ☆☆☆

    Ques – Rodney died on 13 August 2020. In his will he left £200 in cash to each of his five nephews,
    investments held in ISAs valued at £350,000 to his daughter, and the residue of his estate,
    which amounted to £520,000, to his wife.
    What is the chargeable estate for inheritance tax purposes?

    As per my understanding here , its a transfer of main residence and therefore only 175k will be exempted, however as per answer they have fully exempt it ?

    I am not sure why , please help!

    January 31, 2022 at 11:55 am #647796
    Tax Tutor
    • Topics: 2
    • Replies: 3927
    • ☆☆☆☆☆

    You have not mentioned in your information from the question the existence of a private main residence – if this is a part of the residue left to the wife(?) – then transfers to spouses are EXEMPT
    This is also an IHT question – not chargeable gains!

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