American_Bankers_Association
CTFA · Question #1
On Brian's death, his estate was valued at £820,000. He bequeathed £40,000 to a registered charity and split the balance equally between his registered civil partner and his brother. Assuming he…
The correct answer is B. £26,000. See the full explanation below for the reasoning.
Estate Planning
Question
On Brian's death, his estate was valued at £820,000. He bequeathed £40,000 to a registered charity and split the balance equally between his registered civil partner and his brother. Assuming he made no lifetime transfers, what will the Inheritance Tax liability be?
Options
- A£22,750
- B£26,000
- C£29,750
- D£34,000
How the community answered
(43 responses)- A7% (3)
- B70% (30)
- C5% (2)
- D19% (8)
Topics
#Inheritance Tax#estate valuation#charitable exemption#spouse exemption
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