《ACCA F6 四川大学工商管理学院 课件Chapter》由会员分享，可在线阅读，更多相关《ACCA F6 四川大学工商管理学院 课件Chapter（17页珍藏版）》请在金锄头文库上搜索。
1、PART E,Inheritance tax,Chapter 18 Inheritance tax: scope and transfers of value,1 The scope of inheritance tax 2 Computing transfers of value 3 Calculation of tax on lifetime transfers 4 Calculation of tax on death estate 5 transfer of unused nil rate band 6 Exemptions 7 Payment of inheritance tax,1
2、 The scope of inheritance tax,IHT is a tax on gifts or transfers of value made by chargeable persons. Chargeable persons: individuals The scope of the charge: all transfers of value of assets made by individuals, whether during lifetime or on death,2 Computing transfers of value,Lifetime transfers a
3、nd death estate Gift by an individual to another individual Gift by an individual to trustees,Transfers of value,A transfer of value is any gratuitous disposition made by a person which results in his being worse off, that is, he suffers a diminution in the value of his estate.,Chargeable transfers
4、and potentially exempt transfers,Chargeable transfer Potentially exempt transfer (PET): a lifetime transfer made by an individual to another individual Chargeable lifetime transfer (CLT): any other lifetime transfer,3 Calculation of tax on lifetime transfers,Lifetime tax on CLTs Additional death tax
5、 on CLTs and death tax on PETs, in both cases where the donor dies within seven years of making the transfer,3.1 Lifetime tax,Rate of tax: a 0% rate and 20% Donee pays tax Donor pays tax,3.2 Death tax on chargeable lifetime transfers,Death IHT on lifetime transfer is chargeable if the donor dies wit
6、hin seven years of making the lifetime transfer. Rate of tax: 0% or 40% Taper relief: if the donor survives between three and seven years. Death tax on a lifetime transfer is always payable by the donee.,Example,On 14 November 2010 Jimmy made a cash gift of 800,000 to a trust. Jimmy paid the inherit
7、ance tax arising from this gift. No exemptions are available. Jimmy died on 14 February 2012. The nil rate band for the tax year 201011 is 325,000. Compute: (a) The lifetime tax payable by Jimmy on the lifetime transfer in November 2010, and (b) The death tax payable on the lifetime transfer in Nove
8、mber 2010.,Answer,Lifetime transfer Net chargeable transfer 800,000 Inheritance tax liability 325,000 at nil% 0 475,000 x 20/80 118,750 Gross chargeable transfer 918,750,Continue,Additional liabilities arising on death Gross chargeable transfer 918,750 IHT liability 325,000 at nil% 0 593,750 at 40%
9、237,500 IHT already paid (118,750) Additional liability 118,750,3.3 Death tax on potentially exempt transfers,Death tax is chargeable on a potentially exempt transfers if the donor dies within seven years of making the transfer. Rate of tax: 0% or 40% Taper relief: if the donor survives between thre
10、e and seven years. Death tax on a lifetime transfer is always payable by the donee.,4 Calculation of tax on death estate,An individuals death estate consists of all the property he owned immediately before death less debts and funeral expenses. Rate of tax: 0% and 40%,5 Transfer of unused nil rate b
11、and,If one spouse or civil partner does not use up the whole nil rate band on death, the excess may be transferred to the surviving spouse/civil partner. If the nil rate band increases between the death of B and the death of A, the amount of Bs unused nil rate band must be scaled up so that it repre
12、sents the same proportion of the nil rate band at As death as it did at Bs death.,6 Exemptions,Exemptions applying to lifetime transfers only 1. the small gifts exemptions 2. the annual exemption (AE) 3. Normal expenditure out of income 4. gifts in consideration of marriage/civil partnership Exemptions applying to both lifetime transfers and transfers on death-transfers between spouses/civil partners,7 Payment of IHT,Liability for IHT Due dates,
