On 5 December 2020, Nicholas makes a gift of 80,000 (after deduction of all relevant exemptions) to
Question:
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.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (QA)
The total of transfers brought forward in the seven yea...View the full answer
Answered By
Tobias sifuna
I am an individual who possesses a unique set of skills and qualities that make me well-suited for content and academic writing. I have a strong writing ability, allowing me to communicate ideas and arguments in a clear, concise, and effective manner. My writing is backed by extensive research skills, enabling me to gather information from credible sources to support my arguments. I also have critical thinking skills, which allow me to analyze information, draw informed conclusions, and present my arguments in a logical and convincing manner. Additionally, I have an eye for detail and the ability to carefully proofread my work, ensuring that it is free of errors and that all sources are properly cited. Time management skills are another key strength that allow me to meet deadlines and prioritize tasks effectively. Communication skills, including the ability to collaborate with others, including editors, peer reviewers, and subject matter experts, are also important qualities that I have. I am also adaptable, capable of writing on a variety of topics and adjusting my writing style and tone to meet the needs of different audiences and projects. Lastly, I am driven by a passion for writing, which continually drives me to improve my skills and produce high-quality work.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
On 5 December 2021, 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 2012 (gross...
-
On 5 December 2017, Nicholas makes a gift of 80,000 (after deduction of all relevant exemptions) to a relevant property trust. His only previous chargeable life time transfers were in June 2008...
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...
-
Rewe Company's income statement contained the condensed information below. Rewe's balance sheets contained the following comparative data at December 31. Accounts payable pertain to operating...
-
Which of the following is correct regarding self-employment taxes? I. For purposes of the portion of self-employment tax that is equivalent to Social Security tax, taxable self-employment income is...
-
2. Create a series of charts that compare gas prices by time of the year and by location. The time can be in quarters, months, or week of the month, as you deem appropriate. The location should be...
-
5. Using the reorganized financial statements created in Question 4,what is the free cash flow for HealthCo in the current year and next year?
-
Yankee Co.'s property, plant, and equipment and accumulated depreciation and amortization balances at December 31, Year 4, are Asset Cost Accumulated Depreciation Land $ 275,000 -- Buildings...
-
Journalize the entries to record the following selected bond investment for Hall Trust. April 1 Purchase for cash 388,000 of Medina City 4% Bonds At 100 plus accrued interest of $3880. June 30...
-
On 31 March 2014, Martha gave 500,000 to her daughter as a wedding present. On 1 April 2015 she gave 497,000 to a relevant property trust. Martha died on 1 January 2021, having made only these two...
-
Phoebe made the following transfers during 2020-21: None of the gifts are regarded as normal expenditure out of income. Phoebe made no transfers at all during 2019-20. Calculate the value of each of...
-
Add in the indicated base. 2546 + 156
-
What are major initiatives would you expect to see in a strategic plan focusing on a public health organization?
-
The purchase of \(\$ 500\) of supplies on account will: a. Increase both assets and stockholders' equity by \(\$ 500\) b. Increase assets and decrease liabilities by \(\$ 500\) c. Increase assets and...
-
Venus Company owned a service truck that was purchased at the beginning of 2011 for \(\$ 20,000\). It had an estimated life of three years and an estimated salvage value of \(\$ 2,000\). Venus uses...
-
You are observing the sales department staff using exponential smoothing to fore- cast monthly sales. Their forecast for January's sales was 12,000 units. January's actual sales figure became...
-
Use the ID3 algorithm to build the full decision tree for the data set given in Section 10.9.2. 10.9.2 Example We will start with the training data given below: Film Country of origin Big star Genre...
-
Assemble five of your classmates together as a team with a pair of dice to perform the following procedure: Each team member is to generate five samples of five by rolling the pair of dice 25 times...
-
The first law of thermodynamics is sometimes whimsically stated as, You cant get something for nothing, and the second law as, You cant even break even. Explain how these statements could be...
-
ABC, Inc., a domestic corporation, reports $50 million of taxable income, including $15 million of general limitation foreign-source taxable income, on which ABC paid $5 million in foreign income...
-
Mary, a U.S. citizen, is the sole shareholder of CanCo, a Canadian corporation. During its first year of operations, CanCo earns $14 million of foreign-source taxable income, pays $6 million of...
-
ABC, Inc., a domestic corporation, owns 100% of HighTax, a foreign corporation. HighTax has $50 million of undistributed E & P, all of which is attributable to general limitation income, and $30...
-
You are the digital marketing director for High West fashions, a regional clothing company that specializes in custom t-shirts. Your company has decided to launch an online advertising campaign that...
-
In-the-money put options will automatically get exercised at the expiration. True OR False
-
Which of the following examples of business-use property is NOT eligible for Section 1231 treatment when sold at a gain? * Sale of land held for three years. Net gain from a casualty gain on a dump...
Study smarter with the SolutionInn App