(ii) Advise Ning Gao as to whether the inheritance tax payable in respect of her estate would alter if she
were to live for either another six or another seven years after 20 March 2012, and if so by how much.
In the answer is written: (ii) (1) If Ning were to live for another six years until 20 March 2018 then the inheritance tax payable in respect of her
estate would not alter, as the potentially exempt transfer on 7 November 2011 will still be made within the previous seven years.
What about the tapper relief for the PET??? In this case it should be 6-7 years- 80%.
Have not seen the question yet, but I strongly believe the answer is correct. Yes, there will be an impact on the PET as you stated, but when it comes to the estate you will be thinking of the NRB still available (and that will be the same!) – so that won’t have changed and subsequently the IHT payable on the estate won’t either.
ohhhhh “in respect of her estate”………..I still can’t read properly ). Thanks again.
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