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Question one
What is the tapering percentage used for a Quick Succession relief calculation on assets recently inherited by the deceased within three years?
- A. 80%
- B. 60%
- C. 40%
- D. 20%
B. 60%
Question two
At what rate does the Residence Nil Rate Band begin to be tapered once it reaches the threshold of £2 million?
- A. £1 of RNRB is lost for every £2 over this limit
- B. £2 of RNRB is lost for every £4 over this limit
- C. £1 of RNRB is lost for every £4 over this limit
- D. £2 of RNRB is lost for every £6 over this limit
A. £1 of RNRB is lost for every £2 over this limit
Question three
How could it be beneficial to gift Business Relief assets into a Discretionary Trust?
- A. Only then will the BR assets remain exempt for Inheritance Tax
- B. To avoid paying Capital Gains Tax immediately
- C. Bringing the value of your estate below the RNRB taper threshold of £2million
- D. It allows my other assets to be exempt from Inheritance Tax
C. Bringing the value of your estate below the RNRB taper threshold of £2 million
Question four
If Business Relief assets are gifted after being held for two years by the donor, and the beneficiary holds that gift for a period of seven years or until the point of the donors death. What IHT mitigation could the assets be eligible for?
- A. 20%
- B. 40%
- C. 80%
- D. 100%
D. 100%
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