The following questions relate to IHT gifting.
Peter would like to make a gift to his adult son, Paul. He has made no previous gifts. How much can he gift without any lifetime inheritance tax being payable?
D) Any amount he wishes
Which type of trust would be suitable where someone wishes to make a gift but can’t decide who should benefit?
A) Interest in possession
B) Discretionary trust
C) Bare trust
D) Accumulation and maintenance trust
Sandra and Brian’s granddaughter is getting married next month. How much can they jointly give under the ‘gifts in consideration’ of marriage exemption?
Which of the following do not count as ‘exempt person’ for inheritance tax purposes?
A) Your grandchildren
B) Your spouse/civil partner
C) Dependant elderly relatives
D) Dependant children
What is the benefit of taper relief?
A) It reduces the value of the gift
B) It reduces the amount of inheritance tax payable
C) It reduces the amount of any lifetime inheritance tax
D) It reduces the amount of interest payable on a gift
Questions supplied by Technical Connection
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