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TIme Limits > WAE - Time Limits > Flashcards

WAE - Time Limits Flashcards

1
Q

Statutory order of entitlement on intestacy

Intestacy

A
  1. Parents
  2. Siblings
  3. Siblings (half-blood)
  4. Grandparents
  5. Uncles/aunts
  6. Uncles/aunts (half-blood)
  7. Crown
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2
Q

When must an application from a spouse to appropriate marital home in satisfaction of their statutory entitlements be made

Intestacy

A

12 months from grant of probate

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3
Q

For gifts of a collection (inc. shares), what is the presumption of the date from which the will speaks?

Will Drafting

A

Date of death (unless rebutted by wording)

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4
Q

For gifts of property, what is the presumption of the date from which the will speaks?

Will Drafting

A

Date of death (unless rebutted by wording)

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5
Q

For gifts to a specified person, what is the presumption of the date from which the will speaks?

Will Drafting

A

Date of execution

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6
Q

Who will ‘children’ include in a will

Will Drafting

A

Blood & adopted NOT step

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7
Q

When is a class deemed to close?

Will Drafting

A

When a member becomes entitled to possession

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8
Q

Assessment of value for IHT on lifetime transfers

IHT

A

Loss in value to donor

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9
Q

Assessment of value for IHT on death transfers

IHT

A

Market value

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10
Q

what is the NRB (nil rate band)

IHT

A

£325,000

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11
Q

What is the TNRB (Transferred Nil Rate Band)

IHT

A

£325,000

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12
Q

What is the RNRB (Residence Nil Rate Band)

IHT

A

£175,000

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13
Q

Deadline for surviving spouse’s PR have to make a claim for TNRB

IHT

A

2 years from end of month of death OR 3 months from PRs first acting

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14
Q

Deadline for IHT400

IHT

A

12 months from end of month of death

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15
Q

Deadline for paying IHT after death

IHT

A

6 months from end of month of death

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16
Q

Who can family maintenance payments be made out to

IHT

A

Spouse(/former in divorce settlement), child, adult child in full time education, dependant relative for their ‘care’

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17
Q

What is the amount for marriage exemption in lifetime gifts

IHT

A

£5,000 if made by a parent
£2,500 if made by one party of the marriage to the other
£2,500 if made by their remoter ancestor (e.g. grandparent to grandchild - direct lineage)
£1,000 in any case

18
Q

Business Property Relief for quoted shares (PLC)

IHT

A

50% if 50% controlling share

19
Q

Business Property Relief for unquoted shares (Ltd)

IHT

A

100%

20
Q

BPR for interest in a business (Sole trader or Partner)

IHT

A

100%

21
Q

Time requirement to have held BPR asset

IHT

A

2 years continuously

22
Q

Time requirements for APR

IHT

A

Occupied for agricultural purposes in 2 years before transfer OR owned and occupied by them/another for 7 years prior

23
Q

Rate for APR

IHT

A

100%

24
Q

Priority on assets that qualify for APR and BPR

IHT

A

APR

25
Q

Time limit for PRs completing administration

Administration

A

12 months

26
Q

how long to wait after a s27 notice (Law Gazette) before distributing

Administration

A

2 months

27
Q

Time missing for effective Presumption of Death Act

Administration

A

7 years

28
Q

Max/Min number of executors

Administration

A

1 (Min 2 required if life or minor interest)/4

29
Q

Order of entitlement NCPR 20 (with will)

administration

A
  1. Executor
  2. Trustee of the residuary estate
  3. Any residuary beneficiary
  4. PRs of any residuary beneficiary other than a trustees or life tenant of the residue
  5. Any other beneficiary or a creditor
  6. PRs of any other beneficiary or a creditor
30
Q

Order of entitlement NCPR 22 (no will)

Administration

A
  1. Surviving spouse/CP
  2. Children of the deceased
  3. Father and mother of the deceased
  4. Whole blood siblings
  5. Half-blood siblings
  6. Grandparents
  7. Uncles/aunts of whole blood
  8. crown
  9. creditor
31
Q

Time limit for making IPFDA claim

Administration

A

6 months from grant of probate (+ court disc.)

32
Q

IPFDA applicants

Administration

A

Spouse
Former spouse not remarried
2 year cohabitee
Child
Treated as a child
Others financially maintained

33
Q

what form do applicants use to prove they are entitled to a grant either through paper application or online

Administration

A

PA1P (will)/PA1A (no will);

34
Q

Which estates do you need to pay a probate registry fee for

Administration

A

No fee for estates N worth less than £5,000

35
Q

Administration

A
36
Q

what options are there for PR protection

Administration

A
  1. Seek court directions
  2. s48 AJA application
  3. s27 TA notice [UNKNOWN]:
  4. Benjamin Order [KNOWN BUT MISSING]:
  5. Presumption of Death Act:
  6. Insurance:
  7. Payments into court
  8. Indemnity from B:
  9. s61 TA
  10. Exemption clauses in a will
37
Q

What is the statutory order to repay Unsecured Debts

Administration

A
  1. Property not disposed of by a will
  2. Residue
  3. Property the will sets aside
  4. Money in the pecuniary legacy fund (initially preserved)
  5. Property specifically given
  • Express wording in a will can override the statutory order where contrary intention is shown
38
Q

what are the stages for calculating LCT tax

IHT: Lifetime

A
  1. calculate cumulative total
  2. identify value transferred
  3. apply exemptions & reliefs
  4. apply basic NRB and calculate tax
    (next steps only after death)
  5. Apply taper relief
  6. give credit for tax in lifetime
39
Q

what is the penalty for breaching the general anti-abuse tule

Tax anti-avoidance

A

must counteract the abusive effect by making “just & reasonable” adjustments + 60% penalty

40
Q

what are the steps for calculating IHT in the death estate

IHT: Death estate

A
  1. Calculate cumulative total
  2. identify assets included in the taxable estate
  3. value the taxable estate
  4. deduct debts and expenses
  5. apply exemptions and reliefs
  6. apply RNRB
  7. apply basic NRB/TNRB & calculate tax

TIme Limits (6 decks)

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