42 Flashcards
(1 cards)
1
Q
Noman invested £400,000 in an investment bond to fund his long-term care costs and placed this bond into a discretionary trust. He had not made any previous chargeable transfers, potentially exempt transfers or any other gifts. How much tax, if any, would be payable as a result of this transfer?
A. Nil.
B. £15,000.
C. £40,000.
D. £80,000
A
B. £15,000.
