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Hello…
Im new to the forum and really need to ask a question.
I don’t understand the concept of ‘chargeable transfers of value’ under inheritance tax.
Could someone please explain, ‘Transfers of value’, ‘Chargeable property’ and ‘Chargeable persons’ in this case…inheritance tax
Will Really appreciate the help!
PS – please explain in basic english so i understand.
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Chargeable transfer value = any amount on which IHT is payable e.g amount left after claiming all exemption and relief.
Chargeable Persons = who is liable for IHT e.g the person how is UK Domiciled or 17 out 20 years. If person not UK Domicile and not have UK property he/she is not liable for UK IHT.
PS. Think before you write in exam because Rory Fish is very intelligent and in every sentence there is some thing to understand. Never try to finished your paper in P6 try to do right what you doing because writing few words better then writing pages for nothing.
And Finally my advice to you understand the question before start writing i know its hard but thats the way to pass exam P6. Best Luck and Good Luck to your P6
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