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7 Cards in this Set
- Front
- Back
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What is Gift Relief? |
Gifting trading company asset to immediate family = 100% relief |
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What is BPR relief? |
Business or interest in business = 100% Unquoted shares = 100% Quoted shares = 50% Land, Buildings and P+M = 50% |
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What is Taper relief? |
Relief on CLT if die between 3- 7 yrs 6 years = only 20% chargeable etc |
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How to calculate Value of shares in IHT: |
Lower of: - Quarter up = Low + 0.25 x (High + Low) - Mid bargain price = 0.5 x (Low + High) |
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How are Spousal exemptions factored in? |
Deduct in Death estate working = 100% relief on left to spouse
Remember: Restricted non-dom exemption is £325,000 |
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What is the RNRB? |
RNRB = £175,000 relief on residential home Can use spouse's amount aswell if unused |
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Exemptions from IHT: |
Small gifts max. £250 per person Normal expenditure ('no change in standing of living') i.e School fees |
