Inheritance Tax Flashcards
Chapter 22 (10 cards)
1
Q
what is IHT charged on
A
- transfer of value
- of a chargeable property
- by a chargeable person
2
Q
dimunition in value
A
value estate before gift - value after
3
Q
what does the main charge to IHT arise on
A
value of all net assets and any lifetime gifts made in the 7 years before death
4
Q
exempt transfers and reliefs
A
for lifetime gifts
small gifts exemption
marriage exemption
normal expenditure out of income
annual exemption
for lifetime gifts and death estate
inter spouse exemption
5
Q
what does annual exemption
A
exempts first 3000 of lifetime transfers per year
6
Q
how much can be transfered to the next year
A
3000 if unused from previous year
max amount in a year cannot exceed 6,000
7
Q
NRB value
A
325,000
8
Q
RNRB value
A
175,000
9
Q
IHT due date
A
6 months after death
10
Q
available RNRB is lower of:
A
175,000 or value of main residence within death estate
