Beryl, a UK-domiciled individual, died on 5th February 2021.
Her estate comprises the following assets:
A main residence valued at £1,000,000.
20,000 shares in Sussex plc quoted at 672-680 on the date of death.
Cash and chattels totalling £1,000,000.
The cost of Beryl’s funeral was £4,500. She had made the following lifetime transfer:
17th June 2017 Nephew – £400,000 cash on the occasion of his marriage.
Beryl left the entire estate to her daughter. Beryl paid any IHT arising on lifetime transfers.
Required:
Calculate any inheritance tax that will be payable on Beryl’s lifetime transfer.
Calculate the inheritance tax payable as a result of Beryl’s death, stating the date by which it must be paid.
