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Hello Jilly,
MCQ1
Special made the following lifetime gifts and agreed to pay the IHT on the second gift.
1. A gift into a discretionary trust on 19 February 2022 with a gross amount transferred of £274,000
2. A cash gift of £150,000 into the same trust on 20 May 2023.
The NRB is £325,000
How much is the lifetime tax paid by Special in respect of the gift on 20 May 2023?why for the gift into a discretionary trust on 19 February 2022 the exemption of (total 6000) was not counted before the NRB??
Hi Jilly,
In the OT NOTES in Chapter 23 MCQ 1 in the lectures PART 4 I think by mistake you have calculated taxable amount without considering exemption of 3000,and 3000,
Thanks.
Hi Jilly,
For the gift into a discretionary trust on 19 February 2022 there was no exemption counted by you,
Thanks,
If you watch the video carefulky its says that the gift of 274 is AFTER exemptions
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