• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
Free ACCA & CIMA online courses from OpenTuition

Free ACCA & CIMA online courses from OpenTuition

Free Notes, Lectures, Tests and Forums for ACCA and CIMA exams

  • ACCA
  • CIMA
  • FIA
  • OBU
  • Books
  • Forums
  • Search
  • Register
  • Login
  • ACCA Forums
  • Ask ACCA Tutor
  • CIMA Forums
  • Ask CIMA Tutor
  • FIA
  • OBU
  • Buy/Sell Books
  • All Forums
  • Latest Topics

Specially for OpenTuition students: 20% off BPP Books for ACCA & CIMA exams – Get your BPP Discount Code >>

Solved- No need to look into this. Thanks! Small Gift Exemptions.

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › Solved- No need to look into this. Thanks! Small Gift Exemptions.

  • This topic has 1 reply, 2 voices, and was last updated 7 years ago by Tax Tutor.
Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • March 3, 2016 at 12:08 pm #303238
    farhan
    Member
    • Topics: 1
    • Replies: 0
    • ☆

    There is a question regarding the small gifts exemption.

    9-During the tax year 2014–15, Mildred made the following cash gifts to her grandchildren:
    (1) £400 to Alfred
    (2) £140 to Minnie
    (3) A further £280 to Minnie
    (4) £175 to Winifred

    Which of the gifts will be exempt from inheritance tax under the small gifts exemption?
    A- 1, 2, 3 and 4
    B- 2, 3 and 4 only
    C- 2 and 4 only
    D- 4 only

    I’m not able to understand, if the outright gifts to individual totalling to £250 or less per donee are exempt, then how come the answer on answer sheet for June specimen gives – A i.e. all are exempt. To me, the answer must be D i.e. 4 only to Winifred. As to Minnie total gift amount is 140+280 which is more than 250.

    I guess i found the answer.

    March 4, 2016 at 5:11 pm #303448
    Tax Tutor
    Member
    • Topics: 2
    • Replies: 3965
    • ☆☆☆☆☆

    The answer must be D as you say!

  • Author
    Posts
Viewing 2 posts - 1 through 2 (of 2 total)
  • You must be logged in to reply to this topic.
Log In

Primary Sidebar

ACCA News:

 

ACCA My Exam Performance for non-variant Applied Skills exams is available NOW

NEW! Download the ACCA Pass Guide

FREE Verifiable CPD for ACCA Members

ACCA mock exams and debrief videos

ACCA Options:  “Read the Mind of the Marker” articles

Subscribe to ACCA’s Student Accountant Direct

Donate

If you have benefited from OpenTuition please donate.

ACCA CBE 2023 Exams

Instant Poll * How was your exam, and what was the result?

BT CBE exam was.. | MA CBE exam was..
FA CBE exam was.. | LW CBE exam was..

Specially for OpenTuition students

20% off BPP Books

Get BPP Discount Code

Latest comments

  • Ken Garrett on ACCA AB Chapter 19 – Macroeconomics – Questions
  • Ken Garrett on ACCA AB Chapter 19 – Macroeconomics – Questions
  • Ken Garrett on ACCA AB Chapter 19 – Macroeconomics – Questions
  • Ken Garrett on The nature and structure of organisations – ACCA Paper BT
  • Ken Garrett on The Nature of Performance Management – ACCA Advanced Performance Management (APM)

Copyright © 2023 · Support · Contact · Advertising · OpenLicense · About · Sitemap · Comments · Log in


We use cookies to show you relevant advertising, find out more: Privacy Policy · Cookie Policy