This three part question looks at the different aspects of Inheritance Tax including death estate tax liability, IHT planning, lifetime gifts and nil rate bands.
Q: a) Calculate the inheritance tax which will be payable as a result of James' death and state who will be responsible for paying the tax. (6 marks)
b) Explain why it might have been beneficial for inheritance tax purposes if James had left a portion of his estate to his grandchildren rather than his children. (2 marks)
c) Explain why it might be advantageous for inheritance tax purposes for a person to make lifetime gifts even when such gifts are made within seven years of death. (2 marks)
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24 сен 2024
