Generic Questions (Client-Specific)

Question 1

What is Steve and Linda’s state retirement age?

Answer 1

67

Question 2

What will the CGT exemption be in 2023/24?

Answer 2

£6,000

Question 3

What will the CGT exemption be in 2024/25?

Answer 3

£3,000

Question 4

What is Steve and Linda’ =s current IHT liability?

Answer 4

£344,000 (1,510,000 - 650,000 x 0.4)

Question 5

What are Steve and Linda’s immediate objectives likely to be? (3)

Answer 5

(1) Use their pensions and inheritance to retire early
(2) Assess the suitability of their existing arrangements
(3) Ensure they have adequate protection now and in retirement

Question 6

What are Steve and Linda’s longer-term objectives likely to be? (2)

Answer 6

(1) Ensure they have sufficient income in retirement
(2) Mitigate their IHT liability