ACCA考試復習回顧《稅務F6》輔導7

1、高頓財經(jīng)GOLDEN FINANCE.全球財經(jīng)教育領導品牌ACCA考試復習回顧稅務 F6輔導7本文由高頓ACCA整理發(fā)布，轉載請注明出處INHERITANCE TAX, PART 2RELATED LINKSThe sec ond article in the series covers those aspects of in herita nee tax that you will need to know, such as tax liability on lifetime transfers and death estates, and inheritance tax payme nts

2、. Read part 1 hereThe Paper F6 （ UK） syllabus requires a basic understanding of inheritance tax（ IHT），and this two-part article covers those aspects that you n eed to kno w. It is releva nt to those of you taking Paper F6 （ UK） in either June or December 2013, and is based on tax legislation as it a

3、pplies to the tax year 20123（Finance Act 2012 ）。There will always be a minimum of five marks （but no more tha n 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, tran sfers of value, rates of tax and exempti ons.

4、Tax liability on lifetime transfers When calculating the tax liability on lifetime transfers there are three aspects that are a bit more difficult to un dersta nd, and can cause problems for stude nts.CLT preceded by a PET that becomes chargeable The situati on where a CLT is made before a PET is fa

5、irly straightforward, and has bee n covered in previous examples. However, where the seque nce of gifts is reversed the IHT calculatio ns are more complicated because the PET will use some or all of the nil rate band previously give n to the CLT.Example 1 Ali died on 3 March 2013. He had made the fo

6、llowi ng lifetime gifts: 1 August 2010-A gift of ?360,000 to his son21 November 2011-A gift of ?240,000 to a trustThese figures are after deduct ing available exempti ons.-1 and 2011-2 is ?325,000.The nil rate band for the tax years 2010IHT liabilities are as follows:Lifetime tran sfers 1 August 201

7、0Pote ntially exempt tran sfer 360,00021 November 20111 August 2010Chargeable tran sfer240,000? 1 August 2012Pote ntially exempt tran sfer360,00021 November 2011Chargeable transfer 240,000No lifetime IHT is payable as the CLT is less than the nil rate ba nd for 2011-12.Additi on al liabilities aris

8、ing on death1 August 2010? Pote ntially exempt tran sfer 360,000IHT liability 325,000 at nil% 35,000 at 40% 14,000The nil rate band for the tax year 2009-10 is ?325,000.21 November 2011? Chargeable transfer 240,000?IHT liability 240,000 at 40% 96,000IHT already paid(Nil)Additio nal liability96,000Th

9、e nil rate band for 2012 T3 of ?325,000 has been fully utilised by the PET made on1 August 2010.Grossing up In all the examples so far concerning a CLT the trust(the donee ) haspaid any lifetime IHT that has arise n. The loss to the donortate is therefore just es esamount of the gift. However, the d

10、onor is primarily resp on sible for any lifetime IHT thatarises on a CLT. In this case the loss to the donor s estate is both the amount of the gift andthe related tax liability. To correctly calculate the amount of IHT payable it is thereforen ecessary to gross up the net gift.Any available annual

11、exemptions are deducted prior to grossing up, and it is onlyn ecessary to gross up the amount in excess of the nil rate band.Example 2 On 17 June 2009 Ann ie made a gift of ?406,000 to a trust. She paid the IHTaris ing from the gift.Annie has not made any other gifts since 6 April 2008.The lifetime

12、IHT liability is calculated as follows:? Value tran sferred 406,000Annual exemptio ns 20090 3,000? 2008 -09 3,000(6,000 )Net chargeable tran sfer 400,000IHT liability 325,000 at nil% 75,000 x 20/8018.750 Gross chargeable tran sfer418.750 The amount of lifetime IHT payable by Anne is ?18,750. This fi

13、gure can be checked by calculat ing the IHT on the gross chargeable tran sfer of ?418,750:? IHT liability 325,000 at nil% 93,750 at 20% 18,750Once the gross chargeable tran sfer has bee n calculated the n this figure is used in all subsequent calculations. CLTs are never re-grossed up on death, even

14、 if the nil rate band is reallocated as a result of a PET beco ming 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 tran sfer 418,750IHT liability 325,000 at nil% 93,750 at 40% 37,500Taper

15、relief -20%(7,500 )IHT already paid30,000(18,750 )Additio nal liability 11,250When an IHT questi on in volves a CLT the n make sure you know who is pay ing 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 d

16、ifficultaspect to grasp is the seve n-year cumulatio n period.What the seven-year cumulation period means is that when calculating the IHT on alifetime tran sfer (either a PET beco ming chargeable or a CLT ) it is n ecessary to takeacco unt of any CLT made with in the previous seve n years despite i

17、t being made more tha nseven years before the date of the donor s death. Only CLTs have to be taken into account,as PETs made more tha n seve n 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 hadmade the followi ng lif

18、etime gifts: 1 August 2004-A gift of ?200,000 to a trust-1 November 2010-A gift of ?280,000 to a trustThese figures are after deducting available exemptions. In each case the trust paid anyIHT arising from the gift.The nil rate band for the tax year 2004-05 is ?263,000, and for the tax year 2010-11i

19、t is ?325,000.IHT liabilities are as follows:Lifetime tran sfers 1 August 2004? Chargeable tran sfer 200,000No lifetime IHT is payable as the CLT is less than the nil rate ba nd for 2004-05.1 November 2010? Chargeable tran sfer 280,000IHT liability 125,000 at nil% 155,000 at 20% 31,000The CLT made o

20、n 1 August 2004 is within seven years of 1 November 2010, so it utilises ?200,000 of the nil rate ba nd for 2010-11.Additi on al liabilities arisi ng on death 1 August 2004? Chargeable tran sfer 200,000There is no additi on al liability as this CLT was made more tha n seve n years before the date of

21、 Ja s death on 18 March 2013.1 November 2010? Chargeable tran sfer 280,000IHT liability 125,000 at nil% 155,000 at 40% 62,000IHT already paid(31,000 )Additio nal liability31,000The CLT made on 1 August 2004 utilises ?200,000 of the nil rate ba nd for 2012 of ?325,000.Death estate? Chargeable estate

22、450,000IHT liability 45,000 at nil% 405,000 at 40% 162,000The CLT made on 1 August 2004 is not releva nt whe n calculati ng the IHT on the death estate as it was made more tha n seve n years before the date of Ja March 2013.-3s death onTherefore only the CLT made on 1 November 2010 is taken into acc

23、ount, and this utilises ?280,000 of the nil rate band of ?325,000.Example 5 The same situati on as in Example 4, except that on 1 November 2010 Ja made a gift of ?280,000 to her daughter rather tha n to a trust.IHT liabilities are as follows:Lifetime tran sfers1 August 2004Chargeable tran sfer200,00

24、01 November 2010Pote ntially exempt tran sfer 280,000Additi on al liabilities aris ing on death? 1 August 2004Chargeable tran sfer200,0001 November 2010Pote ntially exempt tran sfer 280,000IHT liability 125,000 at nil% 155,000 at 40% 62,000Death estate?Chargeable estate450,000IHT liability 45,000 at

25、 nil% 405,000 at 40%162,000Adva ntages of lifetime tran sfers Lifetime tran sfers are the easiest way for a pers on to reduce their potential IHT liability.A PET is completely exempt after seve n years.A CLT will not in cur any additi onal IHT liability after seve n years.Eve n if the donor does not

26、 survive for seve n 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 in crease in value such as property or shares.Tax liability on death est

27、ate Un til now the examples have simply give n a figure for the value of a person s estate. However, it may be neaeysso 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 in vestme nts. A pers o

28、n 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 irreleva nt.The followi ng deduct ions are permitted:Fun eral expe nsesDebts due by the

29、deceased provided they were in curred for valuable con siderati on. Therefore, gambli ng debts cannot be deducted.Mortgages on property. This does not in clude en dowme nt mortgages as these are repaid upon death by the life assura nce eleme nt of the mortgage. Repayme nt mortgages and in terest-onl

30、y mortgages are deductible.Example 6 An dy died on 31 December 2012. At the date of his death he owned the follow ing assets:A main reside nce valued at ?425,000. This had an outsta nding in terest- only mortgageof ?180,000.-Motor cars valued at ?63,000.Ordinary shares in Herbert plc valued at ?54,0

31、00.Building society deposits of ?25,000.n vestme nts in in dividual savi ngs acco unts valued at ?22,000, savi ngs certificates from the Nati onal Savings & In vestme nts Bank valued at ?19,000, and gover nment stocks (gilts ) valued at ?34,000.s death.A life assurance policy on his own life. On 31

32、December 2012 the policy had an open market value of ?85,000, and proceeds of ?100,000 were received followi ng An dyOn 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 fun eral amoun ted to ?4,3

33、00. ? Property 425,000Mortgage(180,000 )245,000 Motor cars 63,000Ordi nary shares in Herbert plc54,000 Building society deposits 25,000Other in vestme nts(22,000 + 190,000 + 34,000)75,000 Proceeds of life assura nce policy 100,000562,000 Credit card debts 700Fun eral expe nses4,300(5,000 )Chargeable

34、 estate557,000IHT liability 325,000 at nil% 232,000 at 40%92,800 The promise to pay the friend s legal fee is not deductiblas it is purely gratuitous(not made for valuable con siderati on)。Un like capital gains tax, there is no exempti on for motor cars, in dividual savi ngsacco un ts, savi ng certi

35、ficates from the Nati onal Savings & In vestme nts Bank or for gover nment stocks.The IHT liability on the life assurance policy could have easily been avoided if thepolicy had been written into trust for the beneficiaries of Andy s estate. The proceedhave then been paid direct to the beneficiaries,

36、 and not formed partof Andy s estate.However, this aspect is not exam in able at Paper F6( UK)。Payme nt of in herita nce tax-8 August 2011-A gift of ?360,000 to his sonChargeable lifetime transfers The donor is primarily responsible for any IHT that has to be paid in respect of a CLT. However, a que

37、sti on may state that the donee is to in stead pay the IHT. Remember that gross ing up is only n ecessary 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 mon ths from the end of the month in which the gift is made.The

38、refore, 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 the n any IHT will be due six mon ths from the end of the mon th in which the gift is made.The donee is always resp

39、 on sible for any additi onal IHT that becomes payable as a result of the death of the donor with in seve n years of making a CLT. The due date is six mon ths after the end of the month in which the donor died.Pote ntially exempt tran sfers The donee is always resp on sible for any additi onal IHT t

40、hat becomes payable as a result of the death of the donor with in seve n years of making a PET. The due date is six mon ths after the end of the month in which the donor died.Death estate The personal representatives of the deceased s estate are responsible forany IHT that is payable. The due date is six mon ths after the end of the month in which death occurred. However, the pers onal represe ntatives are required to pay the IHT whe n they deliver their account of the estate assets to HM Revenue