问答题
1.Zoe died on 17 February 2015. She had made the following gifts during her lifetime:
(1) On 7 March 2010, Zoe made a cash gift of ￡270,000 to her son as a wedding gift when he got married.
(2) On 21 June 2010, Zoe made a cash gift of ￡620,000 to a trust. Zoe paid the inheritance tax arising from this gift.
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.
The nil rate band for the tax year 2009–10 is ￡312,000, and for the tax year 2010–11 it is ￡325,000.
Required:
问答题
(a) Explain why it is important to differentiate between potentially exempt transfers and chargeable lifetime transfers for inheritance tax purposes. (2 marks)
【正确答案】(1) A potentially exempt transfer only becomes chargeable to inheritance tax (IHT) if the donor dies within seven years of making the gift.
(2) In contrast, a chargeable lifetime transfer is immediately charged to IHT. An additional IHT liability may then arise if the donor dies within seven years of making the gift.
【答案解析】
问答题
(b) Calculate the additional inheritance tax which will be payable in respect of the gift made to the trust as a result of Zoe’s death. (8 marks)
【正确答案】
【答案解析】