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IHT, NIC – (paid by/suffered by)

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › IHT, NIC – (paid by/suffered by)

  • This topic has 2 replies, 2 voices, and was last updated 1 year ago by Tax Tutor.
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  • November 28, 2021 at 9:19 am #641846
    @sahil
    Participant
    • Topics: 11
    • Replies: 5
    • ☆

    I am getting it wrong everytime question pops up regarding this.

    When taxpayer dies, IHT on lifetime transfers is always paid by the person or trust who has received it.
    IHT on death estate is BORNE by the residual legatee which means he gets the leftover residue estate after deduction of the IHT, but that IHT is PAID by the Executors/personal representatives.

    In case of NIC, if there is a self employed person(X) , who has an employee (Y) working under him, the class 1 primary nic is paid by X but suffered by Y , however all other-class 1 secondary,class2 and class 4 are both paid and suffered by X.

    Please correct me if I am wrong and suggest some additions or any other scenario possible here that could create confusion.

    December 20, 2021 at 10:47 am #644591
    Tax Tutor
    Member
    • Topics: 2
    • Replies: 3965
    • ☆☆☆☆☆

    Your summary of who pays IHT is correct as is your summary of who pays and / or suffers the different classes of NIC though it is of course important to know what those different classes of NIC are charged upon!

    December 20, 2021 at 10:56 am #644596
    Tax Tutor
    Member
    • Topics: 2
    • Replies: 3965
    • ☆☆☆☆☆

    ps my apologies for not being available until now to answer your question

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