Transcription of CHAPTER 7 INHERITANCE TAX – PRINCIPAL …
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CHAPTER 7 INHERITANCE TAX – PRINCIPAL …
Tolley Exam TrainingTRUSTS AND ESTATES CHAPTER 7 Reed Elsevier UK Ltd 201569FA 2015 CHAPTER 7 INHERITANCE TAX PRINCIPAL CHARGESIn this CHAPTER you will cover the rules for calculating PRINCIPAL charges on relevant property trusts including: Calculating the effective rate to use; Exits from trusts after the first PRINCIPAL charge; Future PRINCIPAL PRINCIPAL ChargeA PRINCIPAL charge will be levied on each 10-year anniversary following the commencement of the trust. IHTA 1984, PRINCIPAL charge is a percentage of the value of the trust at the 10 year anniversary, ie:Value of relevant property @ 10-year anniversary actual rate of tax As was the case for exit charges, we shall use a procedure to determine the actual rate of tax. IHTA 1984, trustees are deemed to have made a transfer of value equal to the value of the trust at the 10-year this is a chargeable transfer, the value of relevant property at the date of the PRINCIPAL charge can be reduced by any APR or BPR.
Tolley® Exam Training TRUSTS AND ESTATES CHAPTER 7. . In
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