Chapter 2 Flashcards
1
Q
NRB, RNRB, IHT & RNRB lost how much.
PET - what is it
CLT - what is it and when immediate tax charge
A
NRB - £325k, RNRB - £175k, IHT - 40% - RNRB lost at £1 for every £2 over £2m.
PET - Lifetime gift to another individual or absolute or bare trust. If die within 7 years of giving this gift then forms part of estate.
CLT - if individual makes gift to trust (not absolute/bare or dis) and transfers go over nil rate band over a 7 year period then immediate tax charge of 20% on death and more if die within 7 years.
