The £325000 is a Nil Rate Band - it is not exempt. What about the residence nil rate band and also the Annual exemption and looking back 7 years and another 7 years to see if you can apply the Annual exemptions?
Hi there, I believe the calculation of the balance for son must be £462 because if you give away your home to your children (including adopted, foster or stepchildren) or grandchildren your threshold can increase to £450,000 which will be result in balance for son 800-(300+30)=470-450=20*0.40 IHT=8 then 20-8=12+450=£462 Balance for son
Don't make the mistake of thinking inheritance tax is only applicable on death, it can also apply to transfers of wealth made during lifetime (BPP Professional Diploma in Accounting: Personal Tax FA2019 PAGE 154)
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The £325000 is a Nil Rate Band - it is not exempt.
What about the residence nil rate band and also the Annual exemption and looking back 7 years and another 7 years to see if you can apply the Annual exemptions?
Hi there,
I believe the calculation of the balance for son must be £462 because if you give away your home to your children (including adopted, foster or stepchildren) or grandchildren your threshold can increase to £450,000 which will be result in balance for son 800-(300+30)=470-450=20*0.40 IHT=8 then 20-8=12+450=£462 Balance for son
Don't make the mistake of thinking inheritance tax is only applicable on death, it can also apply to transfers of wealth made during lifetime (BPP Professional Diploma in Accounting: Personal Tax FA2019 PAGE 154)
Which wicked person came up with the idea of inheritance tax, what a hateful unloving act to even think of.
worst sound quality ever