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Compute the inheritance tax payable on the death of james

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Question - James died on 10 October 2020 leaving to his daughter a net estate valued at £250,000, including his home worth £188,000. During his lifetime he had made two transfers of value:

(i) On 1 December 2015, James had made a gift to his son with a cash value of £400,000.

(ii) In June 2017, a cash gift to a relevant property trust of £445,000 (net) was made. Any inheritance tax payable is paid by James.

James has made no further transfers of value and his wife who died many years ago had left everything to him.

Required - Compute the inheritance tax payable on the death of James and any during the lifetime transfer.

Reference no: EM132975741

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