(1). Madox has sold a collection of vintage cars and will use the proceeds to purchase the whole of the share capital of XR3i Ltd, a company that manufactures engineering components. Madox is resident and domiciled in the UK.
What are the IHT and CGT implications for Madox?
(2). Cortina has received a gift of a painting from an elderly relative. Cortina and her relative are both resident and domiciled in the UK.
What are the IHT and CGT implications for Cortina?