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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 adviseThanks,
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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