In this video I take you through a full inheritance tax computation working through a brilliant question that involves lifetime tax on lifetime transfers, death tax on lifetime transfers and death tax on death estate. This is an excellent question that also gives reminders of how to apply exemptions, RNRB, taper relief and highlights a common mistake that advanced taxation students make with due dates on tax.
This is a commonly assessed area of the ACCA ATX syllabus so hopefully you will find this video useful when it comes to preparing for your exam.
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0:00 - Introduction
2:30 - Reading the question
8:15 - Lifetime mallorca vs villarreal tax on lifetime transfers
10:39 - Applying annual exemptions
11.39 - The NRB
15:28 - Marriage exemption
16:40 - PETs during lifetime
18.30 - Small gifts exemption
19:33 - Death tax on lifetime transfers
25:39 - Death tax rate & taper relief
28:15 - Due date of payment
29:46 - Death tax on the death estate
32:46 - Summary
