A comprehensive IHT question
You'll learn how to work through a comprehensive inheritance tax question involving multiple lifetime gifts and a death estate.
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In this lesson
- 0:00 Inheritance tax on death explained
- 1:03 Lifetime gifts and exemptions calculation
- 2:01 Trust gifts and nil rate band usage
- 3:32 Death estate and seven year rule
- 4:17 Taper relief on lifetime transfers
- 5:16 Chargeable gifts within seven years
- 6:23 Death estate valuation and tax bill
- 7:16 Working through multi-gift problems systematically
About this lesson
This video walks you through the complete IHT calculation process: assessing each lifetime transfer for exemptions and reliefs, determining what becomes chargeable on death, applying taper relief, and identifying who pays what and when. You'll see how to handle pets and CLTs differently, manage the nil rate band across seven years, and calculate the final tax bills for both lifetime gifts and the death estate. This is essential exam technique for TX and ATX papers, combining exemptions, reliefs, and the critical seven-year rule into a single integrated problem.
Duration: 8m
Transcript
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