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Iht Basics Questions

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25 views3 pages

Iht Basics Questions

Uploaded by

kamal Plays
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Q#1
car of 1000$ transferred to son
Find transfer of value?
Q#2
car of 800$ transferred to son in consideration of 300$
Find transfer of value?
Q#3
Linda owns 6,000 shares, which represents a 60% holding, in Loot Ltd. On 31 December 2023
she gave a 20% holding in the company to her friend, Bob.
Holding value value per share
Up to 25% 9$
26% to 50% 15$
51% to 74% 26$
75% or more 45$
Find transfer of value?
Q#4
What is chargeable amount?
a) it is a decrease in wealth of donner
b) it is transfer of value
c) chargeable amount is calculated after deducting all available exemptions
d) the amount calcualted after nrb
Q#5
In which parts the annual exemption is deducted or avialble?
a)pet (true /false)
b) clt (true /false)
c) death estate (true /false)
Q#6
Tick the following
1)When donor pays the tax known as net chargeable amount (true /false)
2)When donoee pays the tax known as net chargeable amount (true /false)
3)When donor pays the tax known as gross chargeable amount (true /false)
4)When donee pays the tax known as gross chargeable amount (true /false)
Q#7
Which two of the followings are correct
1)unused annual exemption of prior year can be carried forward
2) unused annual exemption of previous two year can be carried forward
3)unused annual exemption of prior is used first
4)unused annual exemption is deducted after current year annual exemption
Q#8
When in a question includes both clt and pet annual exemption is firstly used in
a)annual exemption is used in pet first
b)annual exemption is used in clt first
c) annual exemption is used in chronological order
d)annual exemption will not be used in any of these
Q#9
tick the true and false
1) gift ,marriage and annual exemption will be available on death estate (true/false )
2) when in a clt question dosen’t explain who will pay the tax always assume the donner will
pay the tax (true/false)
3) when death tax arrises on pet the donee will pay the tax (true /false)
4) when death tax arrises on clt the trustee will always pay the tax (true /false)
5) gift ,marriage and annual exemption will only be available on life time transfer(true/false)
6) The date of payment of lifetime IHT depends on the date of the gift (true/false)
7) When the clt is made in first 6 months of the tax year the date will always be 30 april of
the following year
8) When the clt is made in last 6 months of the tax year the date will always be 30 april of
the following year
9) When the clt is made in last 6 months of the tax year the date will always be Six months
after the end of the month of the CLT(true /false)
10)Tapper reilief will be available when computing death tax (true/false)
Q#10
Lily wishes to make gifts to her grandchildren, Tom and Patrick rather than her
daughter Kim.
Why might this be beneficial for inheritance tax (IHT) purposes?
A.To avoid a potential double charge to IHT
B.To maximise the use of the nil rate band
C.To reduce the rate of IHT
D.Because there is a greater chance of the gift becoming exempt

Q11
On 14 July 2022 Ray made a gift of £5,000 to his daughter, Wanda. On 17 October
2023 he made another gift of £6,700 to Wanda.
What is the value of the potentially exempt transfer to Wanda made on 17
October 2023?
A.£700
B.£2,700
C.£3,700
D.£6,700

Q12
Tick the following
1) Rnrb will only available on death estate
2) Rnrb is available only when transferring to direct decesendants and when the
property is residential
3) The property must have been the residence of the deceased at some stage (but
not necessarily the main residence or actual residence at date of death)
4) You should assume in exam that rnrb will not be available when if there is nothing
mention about main residential property
Q13
Tick the following
1) The additional iht or death tax will will be paid by Residuary legatee
2) The additional iht or death tax will be paid by exectors
3) The additional iht will be suffered by exectors
4) The additional iht will be suffered by Residuary legatee

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