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June 2015 Past Paper

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › June 2015 Past Paper

  • This topic has 1 reply, 2 voices, and was last updated 8 years ago by Tax Tutor.
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  • Author
    Posts
  • September 3, 2016 at 8:39 pm #337386
    keke
    Participant
    • Topics: 25
    • Replies: 34
    • ☆☆

    Extract from question #1 on inheritance tax:

    Zoe’s husband had died on 25 July 2007, and 20% of his inheritance tax nil rate band of $300,000 for the tax year 2007-08 was not used.

    Extract from answer:

    Available nil rate band
    Nil rate band- Zoe $325,000
    Husband (325,000 x 20%) 65,000

    My question is why isn’t the nil rate band transferred to Zoe from her husband 20% of the 300,000 which was the nil rate band at the time of his death?

    September 4, 2016 at 5:26 am #337403
    Tax Tutor
    Member
    • Topics: 2
    • Replies: 3965
    • ☆☆☆☆☆

    Quite simply because that is NOT the rule! See OT Course Notes page 141 illustration 4

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