I4.267 Quick succession relief examples
Example 1 — two deaths within five years
On 6 April 2017 A gave to B assets worth £11,000. A had already made chargeable transfers amounting to £350,000 in 20016/17 and he died in May 2018 having made no other transfers.
B died in May 2019, leaving an estate valued immediately before his death at £365,000, all of which he left by his Will to his son C. B had made no lifetime transfers.
The IHT payable by B on his gift from A was calculated as follows:
| |
| Gross gift to B | £11,000 |
| Deduct: Annual exemption for 2017/18 | (3,000) |
| Gross gift chargeable | £8,000 |
| IHT chargeable at 40% | £3,200 |
The net gift received by B is £4,800.
The IHT payable on the death of B is calculated as follows:
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