(c) On the assumption that the administrators of Noland’s estate will sell quoted shares i

(c) On the assumption that the administrators of Noland’s estate will sell quoted shares in order to fund the

inheritance tax due as a result of his death, calculate the value of the quoted shares that will be available to

transfer to Avril. You should include brief notes of your treatment of the house and the shares in Kurb Ltd.

(9 marks)

Note: you should assume that the tax rates and allowances for the tax year 2006/07 apply throughout this

question.

(c) Value of quoted shares that can be transferred to AvrilThe value of shares to be transferred to Avril will be equal to ￡370,000 less the inheritance tax due by the estate.IHT is payable on transfers in the seven years prior to Noland’s death and on th