On 31 March 2013, Martha gave £500,000 to her daughter as a wedding present. On 1 April 2014 she gave £497,000 to a relevant property trust. Martha died on 1 January 2020, having made only these two transfers during her life.
(a) Calculate any lifetime tax due on each of the above transfers and state the due date of payment, assuming that Martha paid this tax herself.
(b) Calculate any further tax due on Martha’s death in relation to these transfers.
Inheritance Tax
Tell me what you did not understand in the answer and I will try to help. The question however suggests that you have not worked through the OT lectures and study notes and worked the examples therein - that must be done before you attempt any other questions.
6y ago#2
hello,
in tx-uk, the titles and lecture videos of 24.7 and 24.8 are reversed, please ask the admin to rearrange them correctly as soon as possible.
best regards,
Mohammed
I shall inform the admin department immediately
6y ago#4@Taxtutor said: I shall inform the admin department immediatelyThe issue has been resolved, thanks!
6y ago#5@mohammed31071996 said: The issue has been resolved only on opentuition's website, but on ot's youtube page the titles to the videos mentioned above are misleading, please ask the admin to do the needful, thank you
I will pass your message on