Mathematics · Taxation and Finance
Gabe died on 22 November 2024. During his lifetime, Gabe made the following potentially exempt transfers (PETs), after all available exemptions: - 5 May 2016: Cash to his daughter of £200,000 - 12 July 2020: An antique painting to his son of £370,000 The inheritance tax (IHT) nil rate band is £325,000. What is the amount of the nil rate band available when calculating the additional IHT due on the gift of the antique painting as a result of Gabe's death?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1£155,000
- 2£0
- 3£125,000
- 4£325,000✓
Correct answer
£325,000
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