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Q- Eric makes a gift of £336,000 to a trust on 10 July 2015.the trustees agree to pay the tax due. Calculate the lifetime tax payable by the trustees if Eric has made
A) a lifetime chargeable transfer of value of £100,000 in August 2007
Lifetime tax payable is calculated on a cumulaive basis and this is how i solved it
GROSS TAX NET
100,000 – 100,000
330,000
———–
430,000430,000-325,000 *20% = 21000
However the ans is 1000
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