Section A

Which of the following statements regarding Inheritance Tax (IHT) Quick Succession Relief (QSR) is correct?

QSR is available when the deceased's estate includes property that was subject to IHT on a previous transfer within the last five years.

QSR reduces the value of the transferred asset by 50% regardless of when the previous transfer occurred.

QSR is only available for transfers between spouses or civil partners.

QSR applies to lifetime gifts (PETs and CLTs) made within seven years of death.