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chargeable gain amouunt before nil rate band

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › chargeable gain amouunt before nil rate band

  • This topic has 1 reply, 2 voices, and was last updated 2 years ago by AvatarJillyB.
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  • November 2, 2023 at 2:36 pm #694324
    Avatarqaraar
    Participant
    • Topics: 2
    • Replies: 2
    • ☆

    amir died 0n 1 February 2023. during his life he made two life time gifts
    on 30 November 2015 he gave 200000 to his son
    on 15 June 2016 he gave 350000 to his daughter

    requirement:
    what is the correct chargeable gain amount of the above gifts before the deduction of nil rate band which become chargeable as a result of amir death

    my answer is both are exempt because 7 years before of amir death

    but kaplan exempt first one 30 November
    and on second gift they deduct 3k annual exemption and calculate the answer as 347 k
    kaplan exam kit question no 194

    November 3, 2023 at 2:43 pm #694352
    AvatarJillyB
    Keymaster
    • Topics: 0
    • Replies: 899
    • ☆☆☆☆

    When he died the gifts he made suring his lifetime become chargeable if within 7 years of the date of death. PET’s become chargeable
    The gift in November 15 is more than 7 years ago and is therefore exempt.
    The gift in June 206 becomes chargeable to IHT

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