Billy and Rachel had been married for many years when Rachel died on 1 September 2017. Rachel left her entire estate worth £100,000 to Billy. She had made only one lifetimegift which was cash of £94.000 to her sister Mahboba in January 2017.Billy died on 1 January 2023, leaving an estate worth £725,300 to his daughter. He had made no lifetime gifts.Required: Which of the following is the Inheritance Tax payable on Billy's death?£65,320£88,000£81,000£237.000

Inheritance Tax : > Inheritance Tax is a tax on the estate (the property, money and possessions)…

Answered: Required: Which of the following is the…

Required: Which of the following is the Inheritance Tax payable on Billy's death? O £65.320 £88,000 E81,000 3h estate worth £725,300 to his daughter. He had made no lifetime gifts. £237.000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Billy and Rachel had been married for many years when Rachel died on 1 September 2017. Rachel left her entire estate worth £100,000 to Billy. She had made only one lifetime
gift which was cash of £94.000 to her sister Mahboba in January 2017.
Billy died on 1 January 2023, leaving an estate worth £725,300 to his daughter. He had made no lifetime gifts.
Required: Which of the following is the Inheritance Tax payable on Billy's death?
£65,320
£88,000
£81,000
£237.000

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