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Top ten things to think about at Tax Year End

Check your answers

1) The amount that should be included in Damien’s estate for IHT is…

a) £350,000

b) £175,000

c) £105,000

d) £195,000


2) Assuming there is no transferrable nil rate band to claim on Jennifer’s death, the following statement is correct…

a) As both gifts were made over 3 years ago they will both benefit from taper relief

b) Only Amy’s gift will get taper relief

c) Only Anthony’s gift will get taper relief

d) Neither gift will benefit from taper relief


3) The amount included in Esther’s estate for IHT is…

a) £500,000

b) £215,000

c) £285,000

d) £510,000


4) Mrs Wilkinson sets up a discretionary loan trust with a loan of £1,000,000. She decided to have any outstanding loan waived on her death. The following statement is correct in relation to the outstanding loan…

a) The loan will not form part of the estate for IHT when she dies

b) The loan will be included on the estate for IHT on death but will form part of the trust fund, distributed at the trustees’ discretion

c) The loan will not be included in the estate but will be distributed in accordance with Mrs Wilkinson’s Will

d) Mrs Wilkinson’s executors can use their discretion to decide who will benefit from the outstanding loan on Mrs Wilkinson’s death


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"Prudential" is a trading name of Prudential Distribution Limited. Prudential Distribution Limited is registered in Scotland. Registered Office at Craigforth, Stirling FK9 4UE. Registered number SC212640. Authorised and regulated by the Financial Conduct Authority. Prudential Distribution Limited is part of the same corporate group as the Prudential Assurance Company. The Prudential Assurance Company and Prudential Distribution Limited are direct/indirect subsidiaries of M&G plc, a company incorporated in the United Kingdom. These companies are not affiliated in any manner with Prudential Financial, Inc, a company whose principal place of business is in the United States of America or Prudential plc, an international group incorporated in the United Kingdom.