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Important – Upcoming Deadlines for the July 2017 MCT Assessment and Recent Updates in the Syllabus

Important Reminder: You must register with Kaplan by 5pm UK Time May 9, 2017 in order to secure your seat in the July 2017 MCT assessment. Booking the assessment and payment of the fees to Pearson VUE must be made by 5pm UK Time, May 29, 2017

Candidates who attempt to book after this date are very unlikely to be able to secure a place for the July 2017 exam.

More details are available on Kaplan website: http://qlts.kaplan.co.uk/booking

Unless otherwise stated in advance candidates are assessed on the law in force at the time of the assessment. Several weeks ago, we released several an update for the course material with new legislation and case law that may be relevant to the July 2017 exam, including new tax rates and allowances for the 2017-2018 tax year. By way of example, the new main residence nil rate band in now in force (up to £100,000 for deaths occurring during the current tax year), while grossing up dividend and savings income will no longer be tested (this has been confirmed directly with Kaplan).

Let’s see the foilowing sample MCQ:


The entire amount of a deceased’s estate is £750,000 and it is all being split between the deceased’s two children. The estate includes the deceased’s main residence, valued at £245,000. What is the Inheritance Tax (IHT) liability on the estate (assuming that the deceased died in May 2017, there are no reliefs, etc. available and no relevant lifetime gifts)?

A. £300,000

B. £0

C. £85,000

D. £170,000

E. £130,000


The correct answer is E – £130,000. The rate for IHT is 0% up to £425,000 (standard nil rate threshold of £325,000 + main residence nil rate threshold of £100,000) and 40% for all amounts over £425,000. £750,000 – £425,000 = £325,000. The IHT rate is 40%, which brings the tax liability to £130,000. Without the new nil rate, the IHT liability would be £170,000.

The new nil rate band effectively increases the threshold to £425,000 in 2017-2018 when the conditions are met. Any unused nil-rate band can be transferred to a surviving spouse or civil partner, where the first spouse or civil partner to die, died before April 6 2017. The additional nil rate band is also available when a person downsizes or ceases to own a home on or after July 9 2015 and assets of an equivalent value, up to the value of the additional nil-rate band, are passed on death to direct descendants (as long as the person dies on or after April 6 2017).

You are therefore strongly advised to be fully informed about the latest updates, as being able to apply the new law may be the difference between failure and success in the examination. It should be noted that other areas of law that have recently been amended are covered in that update as well.

If you are not signed up yet for QLTS School MCT course, check our MCT course packages to ensure you are well prepared for the assessment.

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