Inheritance Tax Flashcards
1
Q
List the 4 potential tax treatments of a lifetime transfer.
A
Exempt
Potentially Exempt
Chargeable but not taxed
Chargeable and taxed
2
Q
List the main IHT exemptions
A
Transfers between spouse/partner Annual exemption Small gifts Gifts out of normal expenditure Gifts on marriage Gifts for education and maintenance Gifts to charities and political parties Gifts for the national benefit Estates of those who died on active service
3
Q
List the value of gifts available upon marriage.
A
£1,000 from any other person
£2,500 where the gift is made from one party to the marriage / civil partnership to the other
£2,500 from a grandparent or more distant relative of a party to the marriage / civil partnership
£5,000 from a parent of a party to the marriage / civil partnership
