Amal owns the following assets: (1) Two investment properties respectively valued at £674,000 and E442,000. The first property has an outstanding repayment mortgage of E160,000. (2) Vintage motor cars valued at £172,000. (3) Investments in Individual Savings Accounts valued at £47,000, National Savings & Investments savings certificates valued at E36,000, and government stocks (gilts) valued at £69,000. Amal owes £22,400 in respect of a personal loan from a bank, and she has also verbally promised to pay legal fees of E4,600 incurred by her nephew. Her reasonable funeral expenses will amount to E5,500. Amals husband died on 12 March 2007. On 14 August 2008 Amal had made a gift of £90,000 to her daughter, and on 7 November 2018 she made a gift of her main residence, worth £220,000, to her son. Based on previous information in the case, answer the following questions 4. What is the amount of Amal's own nil rate band for calculating the inheritance tax payable in respect of her estate were she to die on 20 March 2020?
Amal owns the following assets: (1) Two investment properties respectively valued at £674,000 and E442,000. The first property has an outstanding repayment mortgage of E160,000. (2) Vintage motor cars valued at £172,000. (3) Investments in Individual Savings Accounts valued at £47,000, National Savings & Investments savings certificates valued at E36,000, and government stocks (gilts) valued at £69,000. Amal owes £22,400 in respect of a personal loan from a bank, and she has also verbally promised to pay legal fees of E4,600 incurred by her nephew. Her reasonable funeral expenses will amount to E5,500. Amals husband died on 12 March 2007. On 14 August 2008 Amal had made a gift of £90,000 to her daughter, and on 7 November 2018 she made a gift of her main residence, worth £220,000, to her son. Based on previous information in the case, answer the following questions 4. What is the amount of Amal's own nil rate band for calculating the inheritance tax payable in respect of her estate were she to die on 20 March 2020?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education