IHT -Q38 practice questions

This topic has 3 replies, 3 voices, and was last updated 7 years ago by Tax Tutor.

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September 4, 2018 at 9:57 am #470963
Fozia
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Hi.
Pls could someone explain why Marriage Exemption has been deducted as 1000 3000 and 3000 amongst the different years? I was under the impression that the allowance for a nephew was £1000 and then this would be deducted of the ToV (47k) less AE ( Current year and prior year -6k in total). Therefore making the gross chsrbabke amount as 40k.

Pls advise.
Thanks
Fozia
September 7, 2018 at 6:49 am #472015
Tax Tutor
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What you have just said should be in the answer is exactly what IS in the answer!!
April 17, 2019 at 7:50 pm #513301
marenah
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Hello Sir,

In part B of the answer, the NRB 325000 is deducted from the GCT’s in 7 years before 17/09/2012 362,500. shouldn’t there be a remainder of 37500 to be taxed by 40%, to get an IHT of 15000 instead of nil?

Thank You in advance.
April 25, 2019 at 10:26 am #514068
Tax Tutor
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Look at my answer to the question from nelka (just a few questions below this one) on the NRB in the Nathan question (Q38)
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