On 5 December 2020, Nicholas makes a gift of 80,000 (after deduction of all relevant exemptions) to
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On 5 December 2020, Nicholas makes a gift of £80,000 (after deduction of all relevant exemptions) to a relevant property trust. His only previous chargeable lifetime transfers were in June 2011 (gross chargeable value £200,000) and July 2015 (gross chargeable value £281,000). Calculate the lifetime IHT payable in relation to the £80,000 gift and state the due date of payment:
(a) if the trustees pay the tax
(b) if Nicholas pays the tax.
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