Calculation of IHT on life time transfes

6/30/2010
CLT
Tranfer value 170000
Less : AEA
2010/11 -3000 14/15
2009/10 b/f -3000 1314 b/f
Chargable amount 164000

Less : Nil rate band 325000

Gross chargable tranfer from previous 7 years 0 -164000

Taxable amount 0
IHT 0
Gross chargable amount 164000

paid by Trustee
date 30-Apr-11

6th ap to 30 sep next 30 april

1 oct to 5th april After 6 months
6/12/2014 6/30/2015 12/15/2020
PET CLT CLT
150000 191000 256000

-3000 15/16 -3000 20/21 -3000

-3000 14/15 b/f 0 19/20 b/f -3000
144000 188000 250000

325000 325000
-164000 -161000 -188000 -137000

27000 113000
5400 28250
144000 188000 278250

Trustee Alex
30-Apr-16 30-Jun-21
Calculation of IHT on lifetime transfers

31-Jul-11 31-Jan-14
PET PET
Chargable gain Excempt 110000
Less : AEA 13/14 -3000
12/13 b/f -3000
104000

Less : Nil rate band

Gross chargable transfer in previous 7 years

IHT
Gross chargable amount 104000

Calculation of IHT as a result of death

31-Jan-14 30-Apr-14
PET PET
Gross chargable amount 104000 232000
Less : Nil rate band 325000 325000
(-)Gross chargable transfer in previous 7 years 0 -104000 -104000 -221000

Taxable amount 0 11000

IHT 0 4400
Taper relief 0 -3520
IHT payable 880

Paid by Daughter Son

Due date 6/30/2021 6/30/2021
 30-Apr-14
PET
235000
14/15 -3000
13/14 b/f 0
232000

232000
in lifetime
transfer value 365000
Less : AEA -3000
-3000
Taxable amount 359000
Less : Nil rate band -325000
Chargable gain 34000
IHT 8500
Gross chargable gain 367500
In death
367500
-325000
42500
IHT 17000
Tapper relief -13600 (6-7 years)
IHT after taper relief 3400
IHT paid in lifetime -8500
IHT payable 0

2:17:00
Calculation of death estate

£
House 200000
Boat 250000
Bank account 75000
Quoted shares 100000
Car 15000
Total estate 640000
Less :
Credit card -2000
IT & CGT -3000
Estate value 635000
Less : Interspouse tranfer
House 200000
Shares 100000 -300000
Gross chargable amount 335000
Less : Nil rate band 325000
(-) CGT in previous 7 years -109000 -216000
Taxable amount 119000
IHT 47600

Working notes

WN1 - CGT in previous 7 years

Transfer value 115000

Less : AEA -6000
CGT 109000
IHT paid during lifetime

6/1/2008 23-Apr-14
CLT PET
Transfer value 180000 228000
Less : AEA 2008/09 -3000 -3000
2007/08 -3000 -3000
Chargable amount 174000 222000
Less : NRB 312000
(-) CGT 0 -174000
Taxable amount 0 0

GCA 174000 222000

ITH payable on Death 23-Apr-14 Death estate

PET
£
Gross chargable amount 222000 627560
Less : NRB 325000 325000
CGT in previous 7 years -174000 -151000 -222000 -103000
Taxable amount 71000 524560
IHT @ 40% 28400 209824
Taper relief 22720
IHT after taper relief 5680
IHT paid during lifetime 0
IHT payable 5680 209824

Paid by Cousin Girlfreind

Due date 30-Oct-20 30-Oct-20