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IHT ( OT notes e.g. 1 Ch 25 P 145)

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › IHT ( OT notes e.g. 1 Ch 25 P 145)

  • This topic has 1 reply, 2 voices, and was last updated 14 years ago by Tax Tutor.
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  • Author
    Posts
  • May 30, 2011 at 11:06 am #48773
    sue888
    Member
    • Topics: 4
    • Replies: 43
    • ☆

    Hi,

    example 1 on OT notes, p145)

    I don’t think the answer on death for second gift – 406,000 to trust – CLT
    is correct.

    Gross transfer value 434,250
    Nil rate band at the death 325,000
    less chargeable transfer in previous 7 years
    ( 2.10.1997-2.10.2004) ( 194,600)
    (130,400)

    303,850
    in your std answer, you don’t have 194,000 ( PET)
    is chargeable transfer now at the death. YOu have nil instead.
    Please advise

    Thanks,

    May 30, 2011 at 12:46 pm #82685
    Tax Tutor
    Member
    • Topics: 2
    • Replies: 3965
    • ☆☆☆☆☆

    The gift in July 2001 was a PET which was more than 7 years prior to death so was exempt. As it is never chargeable in life and is not chargeable on Death it is not a chargeable transfer so doesn’t affect the NRB for the CLT. The wording is CHARGEABLE transfers in the previous 7 years from gift and the PET was exempt.
    Hope this helps

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