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STEP Tax Trusts & Estates (E&W) Practice Questions - STEP Advanced Certificate In Taxation Of Trusts And Estates - England And Wales Exam

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A discretionary trust created in 2014 holds relevant property with an unencumbered market value of £500,000 at its first 10-year anniversary in 2024. The settlor made no lifetime chargeable transfers prior to creating the trust, and no additions have been made. Assuming the nil rate band is £325,000, what is the effective 10-year principal charge rate before multiplying by 30%?
Correct Answer:
7.00%

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