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Is the excess amount over and above the thresholds for i.e. Marriage gift by grandparent of £3000 over the £2500 limit or any party to the wedding or civil partnership i.e. 4000 over the £2500 limit or any excess over the friend’s £1000 limit charged to IHT or will the whole amount be charged as with small gifts exemptions of any amount above £250?
How would HMRC “Know”, if a friend has given a marriage gift of exactly or above £1000. Does much of this depend on self willingly providing this info data to HMRC?
Also what is the purpose of totalling the gross lifetime chargeable transfers for the purposes of final chargeable death estate calculation?
Please refer to the study notes and lectures where these issues are dealt with – in terms of how do HMRC know -the executors of the estate on death are required to declare the information to HMRC and must carry out that process to the best of their ability – not of course an issue in your exam.