Tania died on 14 February 2020 having made the following gifts during her lifetime. 1. On...
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Tania died on 14 February 2020 having made the following gifts during her lifetime. 1. On 20 December 2013, Tania gave £380,000 to a trust for her son, Shaun. 2. On 1 February 2014, Tania gave her daughter, Susan, £350,000. The gift was a wedding present to Susan and was used to buy her first home in Bristol. Tania made no other lifetime gifts. On 14 February 2020, Tania's UK estate was valued at £1,800,000 and included Tania's main residence in London and personal chattels, valued at £700,000. In addition, Tania owned a villa in Erehwon valued at 531,250 Erehwon dollars (E$). At the time of her death this amount translated to £123,547. Erehwon is a country outside of the EU. No tax was payable in Erehwon in respect of the villa. Tania left £300,000 to a national charity in her will, the house and personal chattels to her husband and the remainder of her estate was split equally between Shaun and Susan. Tania was domiciled in the UK. Her outstanding debts and her funeral costs amounted to £36,800. Requirement Calculate the inheritance tax payable as a result of Tania's death. Tania died on 14 February 2020 having made the following gifts during her lifetime. 1. On 20 December 2013, Tania gave £380,000 to a trust for her son, Shaun. 2. On 1 February 2014, Tania gave her daughter, Susan, £350,000. The gift was a wedding present to Susan and was used to buy her first home in Bristol. Tania made no other lifetime gifts. On 14 February 2020, Tania's UK estate was valued at £1,800,000 and included Tania's main residence in London and personal chattels, valued at £700,000. In addition, Tania owned a villa in Erehwon valued at 531,250 Erehwon dollars (E$). At the time of her death this amount translated to £123,547. Erehwon is a country outside of the EU. No tax was payable in Erehwon in respect of the villa. Tania left £300,000 to a national charity in her will, the house and personal chattels to her husband and the remainder of her estate was split equally between Shaun and Susan. Tania was domiciled in the UK. Her outstanding debts and her funeral costs amounted to £36,800. Requirement Calculate the inheritance tax payable as a result of Tania's death.
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Answer The inheritance tax payable as a result of Tanias death would be 360000 Explana... View the full answer
Related Book For
South-Western Federal Taxation 2018 Comprehensive
ISBN: 9781337386005
41st edition
Authors: David M. Maloney, William H. Hoffman, Jr. , William A. Raabe, James C. Young
Posted Date:
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