Question 5aii

On 23 August 2007, Pere Jones made a gift of a house valued at £420,000 to his son, Phil Jones. This was a wedding gift when Phil got married.

Pere Jones
Pere died on 20 March 2013 aged 76, at which time his estate was valued at £880,000. Under the terms of his will, Pere divided his estate equally between his wife and his son, Phil. Pere had not made any gifts during his lifetime except for the gift of the house to Phil.

Required:
(ii) State who will be responsible for paying the inheritance tax arising from Pere Jones’ gift of the house, and when this will be due.
(2 marks)