5 min read 16 Jun 22
1. Which of these lifetime IHT exemptions has no monetary limit?
a. Annual Exemption
b. Small gifts
c. Gifts in consideration of marriage or civil partnership
d. Normal expenditure out of income
2. Which of these statements is correct regarding the £2m RNRB taper threshold?
a. The RNRB £2m taper threshold also applies to the NRB
b. When working out how much the estate is worth you do not deduct reliefs such as Business Relief
c. Based on a RNRB figure of £175,000, there will be no RNRB if the estate exceeds £2.175m
d. When working out how much the estate is worth you deduct reliefs such as Business Relief
3. Trust planning for a UK resident but non-UK domiciled client would typically involve.
a. A statutory Trust?
b. An overseas Trust Company?
c. An Included Property Trust?
d. An Excluded Property Trust?
4. How do you set up a loan trust?
a. Settlor sets up the trust. Settlor lends money to the trustees. The trustees then apply for a bond
b. Settlor sets up the trust. The trustees apply for a bond. The settlor then gifts money to the trustees
c. Settlor lends money to the trustees. The trustees then set up a trust. The trustees then apply for a bond
d. Settlor applies for a bond. The settlor sets up a trust. The settlor lends the bond to the trustees
Before collecting your certificate please take a moment to provide us feedback on this session, please email firstname.lastname@example.org