IHT quiz for financial advisers. I will donate £5 for every completed quiz returned to me to the armed forces charity SSAFA , they do marvellous work looking after veterans & their families. https://www.ssafa.org.uk/support-us/other-ways-to-give/

1. IHT Quiz
1) By how much pp can the IHT NRB be increased for main residence exemption
(RNRB)?
2) Does RNRB apply to gifts and lifetime transfers?
3) By how much is RNRB reduced on large estates?
4) Do beneficiaries of bare trusts have to be informed of their interest at age 18?
5) What factors might help an investor get a bigger discount?
6) Do unused annual IHT allowances roll forward?
7) Is the £325k allowance applied as a discount against the value of the estate or
against the tax rate applicable?
8) True or false A married couple or civil partners can leave up to £950,000 to their
children without paying inheritance tax?
9) Can a deed of variation be done any time prior to probate being issued?
10) What is the initial value of the gift of a loan trust?
11) What are the 4 main elements to be included in your estate when you die?
12) Assuming no additional gifting what is the discount on a £100k PET if the settlor
lives for 5 years and 1 day?
13) ​Can investment bond withdrawals be used to fund premiums on a life policy in
order to gifts out of normal expenditure to apply?
14) ​Settlor establishes a loan trust for £250,000 (no previous gifts). He dies after 8
years with the asset valued at £300,000. He has taken partials @ 5% totalling
£20,000. How much of the loan trust is in his estate for IHT calcs?
15) On a DGT why is the discount based on the value of retained rights?
16) Most letter of wishes contains a declaration along the lines of “notwithstanding
that trustees retain overall discretion on distribution of assets I simply wish to
indicate my current wishes” - So what is risk if this declaration is not included?
17) Why is the need for an LPA increased whenever your clients have established
trust plans?
18) Why are non-professional trustees blocked by trusts from charging for services?
19) Can trustees be held liable if the investments fall in value leaving insufficient
assets for trustees to repay the loan?
20) Although AIM stock are generally IHT exempt (if held for 2 years) name the
principal issues that mean some AIM stocks are not “qualifying”?
Email replies to kevinraftery@adviserskills.co.uk