Question on Inheritance Tax

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February 17, 2017 at 4:04 am #372808
akshi22
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Shola made the following lifetime gifts during the 2015/16 tax year. He has previously made no other lifetime gifts.
(1) 27 September 2015 £30,000 to his daughter
(2) 29 December 2015 £ 475,000 into a trust- Shola paid any inheritance tax

What is the lifetime inheritance tax liability in relation to the lifetime gift on 29th December 2015 ?
A £30,000
B £36,000
C £28,800
D £37,500

Can you explain the answer
February 18, 2017 at 1:58 am #372951
Tax Tutor
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What part of the answer do you not understand – I will then see what you are doing wrong and put you right
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