t of £356,000 into a trust (2) 17 September 2013 – A gift of £47,000 to his nephew on the occasion of his marriage (3) 14 February 2015 – A gift to his wife of £100,000 (4) 26 August 2015 – A gift of £276,000 to a trust. Calculate the IHT payable on the lifetime transfers assuming that Andrew pays any IHT due on the first transfer into trust and the trustees pay any IHT due on the second transfer into trust. Clearly state who is responsible for paying the tax and the due date for payment.

t of £356,000 into a trust (2) 17 September 2013 – A gift of £47,000 to his nephew on the occasion of his marriage (3) 14 February 2015 – A gift to his wife of £100,000 (4) 26 August 2015 – A gift of £276,000 to a trust. Calculate the IHT payable on the lifetime transfers assuming that Andrew pays any IHT due on the first transfer into trust and the trustees pay any IHT due on the second transfer into trust. Clearly state who is responsible for paying the tax and the due date for payment.

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter19: Family Tax Planning

Section: Chapter Questions

Problem 1BCRQ

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Andrew made the following lifetime gifts: (1) 23 October 2008 – A gift of £356,000 into a trust (2) 17 September 2013 – A gift of £47,000 to his nephew on the occasion of his marriage (3) 14 February 2015 – A gift to his wife of £100,000 (4) 26 August 2015 – A gift of £276,000 to a trust. Calculate the IHT payable on the lifetime transfers assuming that Andrew pays any IHT due on the first transfer into trust and the trustees pay any IHT due on the second transfer into trust. Clearly state who is responsible for paying the tax and the due date for payment. The nil rate bands are as follows: 2008/09 £312,000 2013/14 onwards £325,000
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