When calculating the GCT (if the donor pays the IHT tax) shouldn't it be the value of the gift after all the available exemptions but before NRB plus the lifetime tax. In this case, it should be 444000+29750=469750? At least that is what the BPP kit answers say.
Illustration 3 Inheritance Tax
If the donor is paying IHT then there shouldnt be any capital gains tax as you cant pay tax twice on the same transaction
I'm sorry I don't understand what you mean. I was talking about the gross chargeable transfer value in illustration 3 (opentuition notes) when the donor pays the IHT tax. I don't understand what you mean by the CGT as that wouldn't apply here.
Sorry - its says GCT not CGT - my fault - let me try again!!!
You are right - thank you for spotting the error - I have made a note for the future