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Question 2b iii
(b) Marcus died on 10 March 2015. He had made the following gifts during his lifetime:
On 17 March 2012, Marcus made a gift (a potentially exempt transfer) of 30,000 £1 ordinary shares in Scarum Ltd, an unquoted investment company, to his daughter.
Before the transfer, Marcus owned all of Scarum Ltd’s issued share capital of 100,000 £1 ordinary shares.
On 17 March 2012, Scarum Ltd’s shares were worth £5 each for a holding of 30%, £9 each for a holding of 70%, and £12 each for a holding of 100%.
Required:
Calculate the inheritance tax which will be payable on the ordinary shares as a result of Marcus's death.