On 1 July 2014, Sameer made a cash gift of £2,500 to his sister.
On 1 May 2015, he made a cash gift of £2,000 to a friend.
On 1 June 2015, he made a cash gift of £50,000 to a trust. Sameer has not made any other lifetime gifts.
In respect of Sameer’s cash gift of £50,000 to the trust, what is the lifetime transfer of value for inheritance tax purposes after taking account of all available exemptions?
A. £48,500
B. £44,000
C. £46,000
D. £46,500