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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When calculating the available nil rate band for a discretionary trust's 10-year anniversary charge, which transfers made by the settlor must be deducted from the standard £325,000 nil rate band?

Chargeable lifetime transfers (CLTs) made by the settlor in the 7 years prior to creating the trust Potentially exempt transfers (PETs) made by the settlor 3 years after creating the trust Exempt spousal transfers made by the settlor 10 years before creating the trust Annual exemption transfers of £3,000 made by the settlor in the current year

Correct Answer:

Chargeable lifetime transfers (CLTs) made by the settlor in the 7 years prior to creating the trust

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