Chapter 7 personal tax
Options
Parki82
Registered Posts: 50
in Personal Tax
Can someone explain to me please why the gifts in the question only deduct one annual exemption?
The question states that no other transfers were made in recent years therefore the annual exemption would be available. It has been deducted twice for the trust payment which has now become payable on death, ie this years and previous tax years so 6k deductible, but the gifts is only deducting one annual exemption and I’m not sure why...
Thanks in advance
The question states that no other transfers were made in recent years therefore the annual exemption would be available. It has been deducted twice for the trust payment which has now become payable on death, ie this years and previous tax years so 6k deductible, but the gifts is only deducting one annual exemption and I’m not sure why...
Thanks in advance
0
Comments
-
The first transfer falls into the 2016/17 tax year so you would have the previous year annual exemption plus the 2016/17 exemption.
For the gift in 2017/18 tax year you can use again one exemption against the earlier gift.0 -
Thank you for your help! It’s clear as day now!
Thanks again0
Categories
- All Categories
- 1.2K Books to buy and sell
- 2.3K General discussion
- 18.9K For AAT students
- 268 NEW! Qualifications 2022
- 147 General Qualifications 2022 discussion
- 9 AAT Level 2 Certificate in Accounting
- 44 AAT Level 3 Diploma in Accounting
- 65 AAT Level 4 Diploma in Professional Accounting
- 8.9K For accounting professionals
- 23 coronavirus (Covid-19)
- 274 VAT
- 92 Software
- 274 Tax
- 138 Bookkeeping
- 7.3K General accounting discussion
- 194 AAT member discussion
- 3.8K For everyone
- 38 AAT news and announcements
- 352 Feedback for AAT
- 2.8K Chat and off-topic discussion
- 590 Job postings
- 17 Who can benefit from AAT?
- 36 Where can AAT take me?
- 44 Getting started with AAT
- 26 Finding an AAT training provider
- 48 Distance learning and other ways to study AAT
- 25 Apprenticeships
- 65 AAT membership