Taxation

Question 1

RNRB

Answer 1

1. Qualifying Resi Interest (lived in at some point during ownership)
2. to direct descendant (child, grandchild, or thier spouse)

Question 2

Business Property Relief

Answer 2

1. Qualifying asset
   - partnership ST interest 100%
   - quoted shares if over 50% = 50%
   - unquoted shares = 100%
   - Property used in business controls or partnership = 50%
2. 2 years prior to event

Question 3

Agricultural property relief

Answer 3

1. Qualifying asset = land / buildings / farmhouse
2. period of ownership = 2 yars (7 if tenant)

100% relief on agrciultral vallue (50% if tenant pre 1995)

Question 4

Quick succession relief

Answer 4

Available if D died within 5 years of receiving gift / inheritance and giftor paid IHT On thier deth on that asset
- 0-1 year = No iHT payable
- 1-2 year = 20% IHT payable

Question 5

D’s tax

Answer 5

Payable on all income due before death at D’s tax rate
CGT at D’s tax rate

Question 6

Estate tax

Answer 6

Income post death
BR 20%
No personal allowances or tax free amounts

CGT payable on sale on uplift from death at 24%