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?