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Dee Ceased died on 1 March 2015 with a Chargeable Estate of £500,000 having made the following lifetime gifts:
1 October 2002 £100,000 cash to son
1 June 2003 £278,000 cash into a trust
1 September 2009 £296,000 cash to daughterI need to calculate IHT payable on the lifetime gifts when they were made assuming that Dee paid any lifetime tax due.
How much Annual Exemption will be used and why?
Thanks
Hi Selimdu
01/10/2002 01/06/2003 01/09/2009
PET CLT PET
100,000.00 278,000.00 296,000.00
AE 2002/03 -3,000.00
AE 2001/02 -3,000.00
AE 2003/04 -3,000.00
AE 2009/10 -3,000.00
AE 2008/09 -3,000.0094,000.00 275,000.00 290,000.00
IHT Payable on Life Time Gifts
(255,000-94,000)= 161,000 @ 0% =
114,000 @ 20% = 22,800.00So the Gross transfer will be (114,000 @ 25% = 28,500 + 275000= £ 303,500
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