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The Technical Quiz: 4 April

To help you to keep up with the fundamentals of tax, retirement and financial planning, try answering these questions. Answers below.

The Technical Quiz MM 480

QUESTION ONE: Brian and Laura’s daughter is getting married. What is the total amount they can give to her to be covered by the gifts in consideration of marriage exemption?

A) £3,000

B) £5,000

C) £10,000

D) £16,000

QUESTION TWO: Which of the following is not an exempt beneficiary for inheritance tax purposes?

A) Spouse/civil partner

B) Adult child

C) NSPCC

D) The National Trust

QUESTION THREE: Fred’s son is getting married. Fred has made no previous gifts. What is the maximum amount he could give to his son under the inheritance tax exemptions?

A) £5,000

B) £8,000

C) £11,000

D) £11,250

QUESTION FOUR: Chloe wishes to make an outright gift to her niece, how much can she gift without incurring an IHT charge?

A) £3,000

B) £325,000

C) £650,000

D) Any amount

QUESTION FIVE: What is the maximum that can be transferred free of inheritance tax into a discretionary trust where the client has made no other gifts?

A) £325,000

B) £328,000

C) £331,000

D) £650,000

Questions supplied by Technical Connection

_________

Answers

1 C
2 B
3 C
4 D
5 C

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