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10 Cards in this Set
- Front
- Back
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How is the value of shares gifted on death valued? |
Lower of: Quarter up L + (1/4 *(H-L) mid range (H+L)/2 |
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Transfer of ISA allowance on death |
SPOUSE Exempt and can claim additional ISA allowance that year SOMEONE ELSE Not exempt legacy |
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Residence NRB |
Available if left to direct descendant Lower of: £175k Net value of property If over 2m reduce by 1 pound for every 2 ppund in excess |
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IHT or CGT Cash |
IHT PET or CLT No BPR No CGT |
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IHT and CGT Motor car |
IHT PET or CLT No BPR CGT Exempt |
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IHT and CGT Chattels |
IHT PET or CLT No BPR Diminution in value CGT No BADR |
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CGT on transfer of business to descendant |
Gift relief for ownership period |
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BADR Qualifying conditions |
1. Held for 2 years 2 total sale 3 cease trading 4 sell within 3 years if trade cessation |
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EMI If shares given at less than MV |
On exercise, pay the discount amount On sale, use cost of option discounted price paid |
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How to utilise trading losses for individuals |
C/b 3 years on FIFO |
