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On 4 March 2013, Roman made a cash gift of £210,000 to his daughter. On 26 August 2013, he made a cash gift of £190,000 to a trust. No lifetime IHT arose in respect of the gift to the trust.
How much IHT will be payable in respect of the gift made to the trust by Roman as a result of his death?
In this question why should i deduct 3000 from 190000 ?
Thanks!
The annual exemption (AE) for 2012/13 is used by the PET in March 2013 so that when the CLT is made in August 2013 the transfer of value of 190,000 is reduced by the AE for just 2013/14 giving a chargeable transfer of 187,000. AE’s are applied to lifetime transfers on a strictly chronological basis
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