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| Ning Gao You should assume that today’s date is 15 March 2013. Ning Gao, aged 71, owns the following assets: (1) Two properties respectively valued at £674,000 and £442,000. The first property has an outstanding repayment mortgage of £160,000, and the second property has an outstanding endowment mortgage of £92,000. (2) Vintage motor cars valued at £172,000. (3) Investments in individual savings accounts valued at £47,000, National Savings & Investments savings certificates valued at £36,000, and government stocks (gilts) valued at £69,000. Ning owes £22,400 in respect of a personal loan from a bank, and she has also verbally promised to pay legal fees of £4,600 incurred by her nephew. Under the terms of her will Ning has left all of her estate to her children. Ning’s husband died on 12 March 2003, and 70% of his inheritance tax nil rate band was not used. On 14 August 2002 Ning had made a gift of £100,000 to her daughter, and on 7 November 2012 she made a gift of £220,000 to her son. Both these figures are after deducting all available exemptions. The nil rate band for the tax year 2002/03 is £250,000. Required Advise Ning Gao as to how much nil rate band will be available when calculating the inheritance tax payable in respect of her estate were she to die on 20 March 2013. |