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Tax Inheritance Flashcards Notes

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A more recent version of these Tax Inheritance Flashcards notes – written by Oxford students – is available here.

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What is it?
What is a CT?
What is a TOV?

TOV Three limbs TOV 1 What is it?

TOV 1 What about omissions TOV 1 What about bad bargains?
TOV 1 BB Two requirements TOV 1 BB What is the first limb?

TOV 1 BB Subjective non-donative intent TOV 1 BB What is the second limb?
TOV 1 BB 2 What are the possibilities? 1 TOV 1 BB 2 What are the possibilities? 2

TOV 1 BB 2 What are the possibilities? 2 Case TOV 2 What is the second requirement?

TOV 2 What is the measurement?
TOV 3 What is the third requirement?
TOV 3 What does it include?
L Rates L ICTS L ICTS What must be done to them?
L ICTS Grossing Up

L ICTS Rationale L PETs Effect Immediately

L PETs Effect Lives 7 years L PETs Effect Dies within 7 years L PETs What is it?
L PETs Limb 1

L PETs Limb 2 L PETs what is it?

L PETs GWR What are the requirements?
L PETs GWR Limb 1 L PETs GWR Limb 1 Case

L PETs GWR Limb 2

L PETs GWR Limb 2 case 1 L PETs GWR Limb 2 What are benefits?
L PETs GWR Limb 2 Benefits that are excluded 1 L PETs GWR Limb 2 Benefits that are excluded 2

L PETs GWR The distinction L PETs GWR The distinction - Phrase L PETs GWR If there is still a reservation at the time of death L PETs GWR If there is still a reservation at the time of death Case L PETs GWR If there ceases to be a reservation within 7 years before D's death

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