更多服务

特色服务

找学习资源

查报考信息

看备考资讯

备考工具箱

报考指南

报考条件

就业前景

报考流程

考试日历

资料中心

注册流程

准考证

免费题库

全部

ACCA考试复习回顾《税务F6》辅导7

来源：高顿网校 2015-03-23

　　INHERITANCE TAX, PART 2

　　RELATED LINKS

　　The second article in the series covers those aspects of inheritance tax that you will need to know, such as tax liability on lifetime transfers and death estates, and inheritance tax payments. Read part 1 here

　　The Paper F6 （UK） syllabus requires a basic understanding of inheritance tax （IHT）， and this two-part article covers those aspects that you need to know. It is relevant to those of you taking Paper F6 （UK） in either June or December 2013, and is based on tax legislation as it applies to the tax year 2012–13 （Finance Act 2012）。

　　There will always be a minimum of five marks （but no more than 15 marks） on IHT, with these marks being included in either Questions 3, 4 or 5. The first part of the article covered the scope of IHT, transfers of value, rates of tax and exemptions.

　　Tax liability on lifetime transfers When calculating the tax liability on lifetime transfers there are three aspects that are a bit more difficult to understand, and can cause problems for students.

　　CLT preceded by a PET that becomes chargeable The situation where a CLT is made before a PET is fairly straightforward, and has been covered in previous examples. However, where the sequence of gifts is reversed the IHT calculations are more complicated because the PET will use some or all of the nil rate band previously given to the CLT.

　　Example 1 Ali died on 3 March 2013. He had made the following lifetime gifts:

　　· 1 August 2010 – A gift of ?360,000 to his son

　　· 21 November 2011 – A gift of ?240,000 to a trust

　　These figures are after deducting available exemptions.

　　The nil rate band for the tax years 2010–11 and 2011–12 is ?325,000.

　　IHT liabilities are as follows:

　　Lifetime transfers 1 August 2010

　　Potentially exempt transfer 360,000

　　_______ 21 November 2011

　　1 August 2010

　　Chargeable transfer

　　240,000 _______

　　? 1 August 2012

　　Potentially exempt transfer

　　360,000 _______

　　21 November 2011

　　Chargeable transfer 240,000

　　_______

　　· No lifetime IHT is payable as the CLT is less than the nil rate band for 2011–12.

　　Additional liabilities arising on death

　　1 August 2010

　　? Potentially exempt transfer 360,000

　　_______ IHT liability 325,000 at nil% 35,000 at 40% 14,000

　　_______

　　21 November 2011

　　? Chargeable transfer 240,000

　　_______ IHT liability 240,000 at 40% 96,000

　　IHT already paid

　　（Nil） _______

　　Additional liability

　　96,000 ________

　　· The nil rate band for 2012–13 of ?325,000 has been fully utilised by the PET made on 1 August 2010.

　　Grossing up In all the examples so far concerning a CLT the trust （the donee） has paid any lifetime IHT that has arisen. The loss to the donor’s estate is therefore just the amount of the gift. However, the donor is primarily responsible for any lifetime IHT that arises on a CLT. In this case the loss to the donor’s estate is both the amount of the gift and the related tax liability. To correctly calculate the amount of IHT payable it is therefore necessary to gross up the net gift.

　　Any available annual exemptions are deducted prior to grossing up, and it is only necessary to gross up the amount in excess of the nil rate band.

　　Example 2 On 17 June 2009 Annie made a gift of ?406,000 to a trust. She paid the IHT arising from the gift.

　　Annie has not made any other gifts since 6 April 2008.

　　The nil rate band for the tax year 2009–10 is ?325,000.

　　The lifetime IHT liability is calculated as follows: ?

　　? Value transferred 406,000

　　Annual exemptions 2009–10 3,000

　　? 2008–09 3,000

　　______

　　（6,000）

　　_______ Net chargeable transfer 400,000

　　IHT liability 325,000 at nil% 75,000 x 20/80

　　18,750 _______

　　Gross chargeable transfer

　　418,750 _______

　　· The amount of lifetime IHT payable by Anne is ?18,750. This figure can be checked by calculating the IHT on the gross chargeable transfer of ?418,750:

　　? IHT liability 325,000 at nil% 93,750 at 20% 18,750

　　______

　　Once the gross chargeable transfer has been calculated then this figure is used in all subsequent calculations. CLTs are never re-grossed up on death, even if the nil rate band is reallocated as a result of a PET becoming chargeable.

　　Example 3 Continuing with Example 2, assuming that Annie died on 12 March 2013.

　　Additional liability arising on death 17 June 2009

　　? Gross chargeable transfer 418,750

　　______ IHT liability 325,000 at nil% 93,750 at 40% 37,500

　　Taper relief – 20%

　　（7,500） ______

　　IHT already paid

　　30,000 （18,750）

　　______ Additional liability 11,250

　　______

　　When an IHT question involves a CLT then make sure you know who is paying the IHT. Grossing up is not necessary if the trust （the donee） pays.

　　Seven-year cumulation period As far as Paper F6 （UK） is concerned the most difficult aspect to grasp is the seven-year cumulation period.

　　What the seven-year cumulation period means is that when calculating the IHT on a lifetime transfer （either a PET becoming chargeable or a CLT） it is necessary to take account of any CLT made within the previous seven years despite it being made more than seven years before the date of the donor’s death. Only CLTs have to be taken into account, as PETs made more than seven years before the date of death are completely exempt.

　　Example 4 Ja died on 18 March 2013 leaving an estate valued at ?450,000. She had made the following lifetime gifts:

　　· 1 August 2004 – A gift of ?200,000 to a trust

　　· 1 November 2010 – A gift of ?280,000 to a trust

　　These figures are after deducting available exemptions. In each case the trust paid any IHT arising from the gift.

　　The nil rate band for the tax year 2004–05 is ?263,000, and for the tax year 2010–11 it is ?325,000.

　　IHT liabilities are as follows:

　　Lifetime transfers 1 August 2004

　　? Chargeable transfer 200,000

　　_______

　　· No lifetime IHT is payable as the CLT is less than the nil rate band for 2004–05.

　　1 November 2010

　　? Chargeable transfer 280,000

　　_______ IHT liability 125,000 at nil% 155,000 at 20% 31,000

　　_______

　　· The CLT made on 1 August 2004 is within seven years of 1 November 2010, so it utilises ?200,000 of the nil rate band for 2010–11.

　　Additional liabilities arising on death 1 August 2004

　　? Chargeable transfer 200,000

　　_______

　　· There is no additional liability as this CLT was made more than seven years before the date of Ja’s death on 18 March 2013.

　　1 November 2010

　　? Chargeable transfer 280,000

　　_______ IHT liability 125,000 at nil% 155,000 at 40% 62,000

　　IHT already paid

　　（31,000） _______

　　Additional liability

　　31,000 _______

　　· The CLT made on 1 August 2004 utilises ?200,000 of the nil rate band for 2012–13 of ?325,000.

　　Death estate

　　? Chargeable estate 450,000

　　_______ IHT liability 45,000 at nil% 405,000 at 40% 162,000

　　_______

　　· The CLT made on 1 August 2004 is not relevant when calculating the IHT on the death estate as it was made more than seven years before the date of Ja’s death on 18 March 2013.

　　· Therefore only the CLT made on 1 November 2010 is taken into account, and this utilises ?280,000 of the nil rate band of ?325,000.

　　Example 5 The same situation as in Example 4, except that on 1 November 2010 Ja made a gift of ?280,000 to her daughter rather than to a trust.

　　IHT liabilities are as follows:

　　Lifetime transfers

　　? 1 August 2004

　　Chargeable transfer

　　200,000 _______

　　1 November 2010

　　Potentially exempt transfer 280,000

　　_______

　　Additional liabilities arising on death

　　? 1 August 2004

　　Chargeable transfer

　　200,000 _______

　　1 November 2010

　　Potentially exempt transfer 280,000

　　_______ IHT liability 125,000 at nil% 155,000 at 40% 62,000

　　_______ Death estate

　　Chargeable estate

　　450,000 _______

　　IHT liability 45,000 at nil% 405,000 at 40%

　　162,000 _______

　　Advantages of lifetime transfers Lifetime transfers are the easiest way for a person to reduce their potential IHT liability.

　　· A PET is completely exempt after seven years.

　　· A CLT will not incur any additional IHT liability after seven years.

　　· Even if the donor does not survive for seven years, taper relief will reduce the amount of IHT payable after three years.

　　· The value of PETs and CLTs is fixed at the time they are made, so it can be beneficial to make gifts of assets that are expected to increase in value such as property or shares.

　　Tax liability on death estate Until now the examples have simply given a figure for the value of a person’s estate. However, it may be necessary to calculate it.

　　A person’s estate includes the value of everything which they own at the date of death such as property, shares, motor vehicles, cash and other investments. A person’s estate also includes the proceeds from life assurance policies even though these proceeds will not be received until after the date of death. The actual market value of a life assurance policy at the date of death is irrelevant.

　　The following deductions are permitted:

　　· Funeral expenses

　　· Debts due by the deceased provided they were incurred for valuable consideration. Therefore, gambling debts cannot be deducted.

　　· Mortgages on property. This does not include endowment mortgages as these are repaid upon death by the life assurance element of the mortgage. Repayment mortgages and interest-only mortgages are deductible.

　　Example 6 Andy died on 31 December 2012. At the date of his death he owned the following assets:

　　· A main residence valued at ?425,000. This had an outstanding interest-only mortgage of ?180,000.

　　· Motor cars valued at ?63,000.

　　· Ordinary shares in Herbert plc valued at ?54,000.

　　· Building society deposits of ?25,000.

　　· Investments in individual savings accounts valued at ?22,000, savings certificates from the National Savings & Investments Bank valued at ?19,000, and government stocks （gilts） valued at ?34,000.

　　· A life assurance policy on his own life. On 31 December 2012 the policy had an open market value of ?85,000, and proceeds of ?100,000 were received following Andy’s death.

　　On 31 December 2012 Andy owed ?700 in respect of credit card debts, and he had also verbally promised to pay the ?800 legal fee of a friend. The cost of his funeral amounted to ?4,300. ?

　　? Property 425,000

　　Mortgage

　　（180,000）

　　_______

　　245,000 Motor cars 63,000

　　Ordinary shares in Herbert plc

　　54,000 Building society deposits 25,000

　　Other investments （22,000 + 190,000 + 34,000）

　　75,000 Proceeds of life assurance policy 100,000

　　_______

　　562,000 Credit card debts 700

　　Funeral expenses

　　4,300

　　_____

　　（5,000） ______

　　Chargeable estate

　　557,000

　　IHT liability 325,000 at nil% 232,000 at 40%

　　92,800 ______

　　· The promise to pay the friend’s legal fee is not deductible as it is purely gratuitous （not made for valuable consideration）。

　　· Unlike capital gains tax, there is no exemption for motor cars, individual savings accounts, saving certificates from the National Savings & Investments Bank or for government stocks.

　　· The IHT liability on the life assurance policy could have easily been avoided if the policy had been written into trust for the beneficiaries of Andy’s estate. The proceeds would have then been paid direct to the beneficiaries, and not formed part of Andy’s estate. However, this aspect is not examinable at Paper F6 （UK）。

　　Payment of inheritance tax

　　Chargeable lifetime transfers The donor is primarily responsible for any IHT that has to be paid in respect of a CLT. However, a question may state that the donee is to instead pay the IHT. Remember that grossing up is only necessary where the donor pays the tax.

　　The due date is the later of:

　　· 30 April following the end of the tax year in which the gift is made.

　　· Six months from the end of the month in which the gift is made.

　　Therefore, if a CLT is made between 6 April and 30 September in a tax year then any IHT will be due on the following 30 April. If a CLT is made between 1 October and 5 April in a tax year then any IHT will be due six months from the end of the month in which the gift is made.

　　The donee is always responsible for any additional IHT that becomes payable as a result of the death of the donor within seven years of making a CLT. The due date is six months after the end of the month in which the donor died.

　　Potentially exempt transfers The donee is always responsible for any additional IHT that becomes payable as a result of the death of the donor within seven years of making a PET. The due date is six months after the end of the month in which the donor died.

　　Death estate The personal representatives of the deceased’s estate are responsible for any IHT that is payable. The due date is six months after the end of the month in which death occurred. However, the personal representatives are required to pay the IHT when they deliver their account of the estate assets to HM Revenue and Customs, and this may be earlier than the due date.

　　Where part of the estate is left to a spouse then this part will be exempt and will not bear any of the IHT liability. Where a specific gift is left to a beneficiary then this gift will not normally bear any IHT. The IHT is therefore usually paid out of the non-exempt residue of the estate.

　　Example 7 Alfred died on 15 December 2012. He had made the following lifetime gifts:

　　· 20 November 2010 – A gift of ?420,000 to a trust. Alfred paid the IHT arising from this gift

　　· 8 August 2011 – A gift of ?360,000 to his son

　　These figures are after deducting available exemptions.

　　Alfred’s estate at 15 December 2012 was valued at ?850,000. Under the terms of his will he left ?250,000 to his wife, a specific legacy of ?50,000 to his brother, and the residue of the estate to his children.

　　The nil rate band for the tax years 2010–11 and 2011–12 is ?325,000.
　　通过ACCA考试实属不易，首先要有执着的精神，其次是不断勤奋的学习，高顿网校为大家提供ACCA题库免费做题，希望助大家一臂之力，查看详情》

ACCA网络课程	课程专业名称	讲师	试听
85%的人正在学习该课程	ACCA 全维度网课体验课程实景课堂与独立录制覆盖所有知识点，根据学习计划推进学习进度	高顿名师
70%的人正在学习该课程	ACCA网课全科卡（8.2折）为零基础刚开始学习ACCA的学员特别定制	高顿名师

　　ACCA考试免费题库【手机题库下载】| 在线直播

　　ACCA高清网课免费体验 ACCA名师精品班免费试听

　　精彩推荐：

ACCA到底是什么意思？

ACCA特许公认会计师职业发展与分析

2015年6月ACCA考试常见问题解析

2015年6月ACCA备考辅导专题　　2014年ACCA考试真题和答案汇总

版权声明：本条内容自发布之日起，有效期为一个月。凡本网站注明“来源高顿教育”或“来源高顿网校”或“来源高顿”的所有作品，均为本网站合法拥有版权的作品，未经本网站授权，任何媒体、网站、个人不得转载、链接、转帖或以其他方式使用。经本网站合法授权的，应在授权范围内使用，且使用时必须注明“来源高顿教育”或“来源高顿网校”或“来源高顿”，并不得对作品中出现的“高顿”字样进行删减、替换等。违反上述声明者，本网站将依法追究其法律责任。本网站的部分资料转载自互联网，均尽力标明作者和出处。本网站转载的目的在于传递更多信息，并不意味着赞同其观点或证实其描述，本网站不对其真实性负责。如您认为本网站刊载作品涉及版权等问题，请与本网站联系(邮箱fawu@gaodun.com，电话：021-31587497)，本网站核实确认后会尽快予以处理。

展开全文咨询在线

点一下领资料

【整理版】ACCA各科目历年真题

真题高频考点，刷题全靠这份资料

下载合集

acca全科学习思维导图

梳理核心考点，一图看懂全部章节

下载合集

2023年acca考纲解析

覆盖科目重难点,备考按照计划走

acca备考热门问题解答

acca考试怎么搭配科目？: 建议优先选择相关联的科目进行搭配报考，这样可以提高备考效率，减轻备考压力，1、F1-F4：为随时机考科目，难度较低，这里可以自行随意选择考试顺序。2、F5-F9：如果你的工作的和财务会计或者审计有关、或者你比较擅长财务和审计的话，推荐先考F7和F8。你可以选择一起考ACCA考试科目F7和F8或者先考F7（8）再考F8（7），这就要取决你一次想考几门。3、P阶段：选修科目中，建议企业首选AFM！第二部分科目进行选择，如果AA和SBR掌握学生更好，可以通过选择AAA，如果SBL掌握的好，可以自己选择APM。