Which exemptions are available for IHT”? 2) Small gifts exemption: During the tax year 2020/21, Peter made the following gifts: 1)On 18 May 2020, he made a gift of £240 to his son. 2)On 5 October 2020, he made a gift of £400 to his daughter. 3)On 20 March 2021, he made a gift of £100 to a friend. Specify the chargeability to IHT.

Which exemptions are available for IHT”? 2) Small gifts exemption: During the tax year 2020/21, Peter made the following gifts: 1)On 18 May 2020, he made a gift of £240 to his son. 2)On 5 October 2020, he made a gift of £400 to his daughter. 3)On 20 March 2021, he made a gift of £100 to a friend. Specify the chargeability to IHT.

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter5: Business Deductions

Section: Chapter Questions

Problem 13P

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