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Inheritance Tax

Forums › ACCA Forums › ACCA TX Taxation Forums › Inheritance Tax

  • This topic has 0 replies, 1 voice, and was last updated 9 years ago by kiki16.
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  • September 23, 2016 at 7:33 pm #341505
    kiki16
    Participant
    • Topics: 9
    • Replies: 1
    • ☆

    Daniel died on 21 June 2015. He had made the following lifetime gifts.

    3 March 2005 gift to trust of $ 126000
    12 Jan 09 gift of $ 40000 to hubby
    10 May 09 gift to nephew $ 200
    23 June 2009 gift to daughter $ 240000
    2 sept 09 gift of $ 300000 to trust

    nil rate band 2004-05 $ 250,000
    nil rate band 2009-10 $ 312,000
    nil rate band 2015-16 $ 325,000

    what i do not understand is why is 3 March 05 added on death.

    in copy books teacher put a note
    1st step uis to calculate IHT on death to identify the first transfer made within 7 yrs back from death, this is ok i understand.here it is 12 jan 09, then we bring forward all the chargeable trsfers made within 7 yrs from 12 jan 09, is is not 14 yrs back?

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