IHT Flashcards
(8 cards)
1
Q
Responsibilities of PR
A
- collect and size estate
- identify beneficiaries
- pay IHT
- get a grant of probate
- distribute estate
2
Q
What is NOT part of deceased’s estate?
A
- written in trust
- discretionary lump sum from pension to family
- written in future interest
3
Q
IHT exemptions and reliefs?
A
- Charity
- Business Property relief
- Agriculture and Property Relief
- spouse exemption
- small gifts exemption
- annual allowance
- normal expenditure out of income
4
Q
When is IHT due>
A
6 months from death month
5
Q
When is installment options payable
A
over 10 months
6
Q
NRB?
A
325,000
7
Q
RNRB
A
175,000
8
Q
Qualifying residential interst - RNRB
A
- closely inherited home - spouse or lineal
- main dwelling
