Test your understanding
(1). State whether the following statements are true or false for both IHT and CGT.
A Inter-spouse transfers of assets are exempt.
B There may be no tax implications where an individual makes a gift of a painting worth £200 to another individual.
(2). Opal has owned the whole of the ordinary share capital of Puma Ltd, a manufacturing company for nine years. On 1 May she made a gift of 4,000 ordinary shares in the company. The values of the assets owned by Puma Ltd are set out below.
