Phil died on 10 November 2020. During his lifetime, he has made only the following transfers: 8 October 2016 Gift to relevant property trust £620,000 19 May 2017 Gift to his daughter on marriage £40,000 Required: Calculate the inheritance tax payable during Phil’s lifetime (if any) regarding each of the above transfers, assuming that Phil paid this tax himself, and any further inheritance tax payable regarding these transfers on Phil’s death.

Answer rating: 100% (QA)

Solution Inheritance Tax is not applicabl... View the full answer