Economics · Taxation and Finance
Which of the following debts or liabilities are NOT deducted when calculating the value of a person's chargeable estate for inheritance tax purposes? I. An outstanding gambling debt owed to a friend II. A verbal promise to pay a friend's debt III. Funeral expenses IV. Credit card debts
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1I and IV only
- 2III and IV only
- 3II and III only
- 4I and II only✓
Correct answer
I and II only
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