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IHT question

This topic has 3 replies, 2 voices, and was last updated 2 days ago by Soosees29.

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February 20, 2025 at 5:32 am #715507
Soosees29
Participant
- Topics: 14
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Hi, I have a question on the below question from March /June 2021 examiners report – why is no taper relief given? The time between CLT and death is 3.5 years..
Ken died on 15 January 2021 leaving a chargeable estate valued at £245,000. He
had made gross chargeable lifetime transfers of £98,000 in October 2013 and
£118,000 in June 2017.
How much inheritance tax (IHT) is payable in respect of Ken’s chargeable
estate of £245,000?
Answer is £15,200 – which I got to but I reduced it for taper relief of between 3-4 yrs. Thanks!
February 20, 2025 at 8:25 am #715509
Soosees29
Participant
- Topics: 14
- Replies: 53
I think I’ve realised why, is it because is it not a gift? Taper relief is only for gifts?
February 20, 2025 at 10:04 am #715511
JillyB
Keymaster
- Topics: 0
- Replies: 894
You should not being doing exam style questions that are 3 years out of date. The rules may have changed. Please use current resources only.
February 20, 2025 at 12:38 pm #715513
Soosees29
Participant
- Topics: 14
- Replies: 53
It is also in the BPP revision kit for exams up to March 2025 but you once said you don’t have access to the BPP kit, so I referenced the question elsewhere, in case you wanted to see it.
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