Module 15 – Protective Gifting for Clients

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* 1. Q1 – The Protective Gifting Trust is only relevant for clients who can afford to give up access to assets during their lifetime, true or false?

True

False

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* 2. Q2 – Which of the following statements is correct?

A lifetime transfer to a Trust is a chargeable lifetime transfer

Any individual can transfer up to £325,000 into a discretionary trust every 7 years

It usually takes up to 7 years for transfers to be deemed exempt from IHT

All of the above

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* 3. Q3 – Which of the following is a popular use for a Protective Gifting Trust (PGT)?

A PGT is popular to potentially protect transfers to children to assist them with their own property purchases

A PGT is used for the lifetime transfer of bonds for potential IHT mitigation

A PGT is used for the lifetime transfer of BTL properties for potential IHT mitigation

All of the above

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* 4. Q4 – Which statement regarding lifetime property transfers to Trust is true?

Transferring the main residence into Trust will normally be effective for care fee avoidance

Transferring the main residence into Trust will not impact a client’s ability to claim the RNRB allowance or cause potential periodic charge liabilities

Transferring the main residence into Trust will not impact a client’s ability to apply for equity release

None of the above

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* 5. Q5 – Which statement regarding lifetime property transfers is false ?

Accurate valuations of transferred properties are advised prior to transfer

If a property has a mortgage, advice should be taken prior to any attempted transfer

The health and age of a client should always be considered prior to any transfer

CGT gains crystalise when a transfer to a Trust is made

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* 6. Q6 – For later life clients the transfer of properties with significant CGT positions is not a concern, true or false?

True

False

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* 7. Q7 – Which of the following statements is false

The payment of Stamp Duty Land Tax is not usually relevant for gifted properties

Capital gains tax may be held over within a Trust

Income from properties within Trusts can normally be paid back to the Settlor

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* 8. Q8 – Which of the following statements is true?

A transfer from an estate of £2.3m would be immediately effective for RNRB planning and requires 7 years to be effective for standard IHT planning

A transfer from an estate of £2.3m would only be effective for RNRB and standard IHT planning after 7 years

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* 9. Q9 – Excess income qualification requires a pattern of frequency to be demonstrated true or false?

True

False

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* 10. Q10 – Which of the following statements is true?

After a Chargeable Lifetime Transfer has been made e.g. bond investment into trust any PETs should not be made for 7 years

After a Chargeable Lifetime Transfer has been made e.g. bond investment into trust PETs can be made at any time without an IHT consequence

Module 15 – Protective Gifting for Clients

Question Title

* 1. Q1 – The Protective Gifting Trust is only relevant for clients who can afford to give up access to assets during their lifetime, true or false?

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* 2. Q2 – Which of the following statements is correct?

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* 3. Q3 – Which of the following is a popular use for a Protective Gifting Trust (PGT)?

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* 4. Q4 – Which statement regarding lifetime property transfers to Trust is true?

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* 5. Q5 – Which statement regarding lifetime property transfers is false ?

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* 6. Q6 – For later life clients the transfer of properties with significant CGT positions is not a concern, true or false?

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* 7. Q7 – Which of the following statements is false

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* 8. Q8 – Which of the following statements is true?

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* 9. Q9 – Excess income qualification requires a pattern of frequency to be demonstrated true or false?

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* 10. Q10 – Which of the following statements is true?

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