Section A: Q8

Specimen exam

Q8 Section A

2 marks

On 14 November 2018, Jane made a cash gift to a trust of £800,000 (after deducting all available exemptions).

Jane paid the inheritance tax arising from this gift.

Jane has not made any other lifetime gifts.

What amount of lifetime inheritance tax would have been payable in respect of Jane's gift to the trust?

Input your answer in the following format, e.g. 123456
(Don't use commas or decimal points etc.)