Inheritance Tax - Refresher and Recent Cases

Objectives

To provide delegates with a refresher on the most important inheritance tax (IHT) rules and update them on recent changes in legislation and important decisions by the courts.

Key topics

INHERITANCE TAX BASICS

• Inheritance Tax Overview
• Take Advantage of Lifetime Exemptions
• Gifts out of Income
• Inheritance Tax on gifts between spouses
• Potentially Exempt Transfers (PETs)
• Chargeable Lifetime Transfers
• Cumulation – Interaction of Lifetime and Death Rates
• Inheritance tax taper relief
• Gift the Business Now or On Death? – Watch CGT

POSSIBLE “SIMPLIFICATION” OF INHERITANCE TAX

• The second OTS report on simplifying IHT

TRANSFER OF NIL RATE BAND AND RESIDENCE NIL RATE BAND

• Transfer of the IHT Nil Rate Band to Spouse
• Residence Nil Rate Band (RNRB)
• What About Equity Release?

TRANSER BUSINESS NOW WHILE BPR IS STILL 100%?

• Basics of Business Property Relief (BPR)
• Relevant business property
• Meaning of relevant business property
• Case Law on availability of BPR
• Simple Planning Involving AIM Shares
• Danger Areas Regarding BPR and APR
• Loss on sale of shares sold within 12 months of death

TAX EFFICIENT WILLS

• First of All Make Sure There is a (up to date) Will
• If Inefficient then Execute a Deed of Variation
• Possible BPR “Double Dip”

BASICS OF IHT ON TRUSTS

• Pros of setting up a trust
• Cons of setting up a trust
• What type of trust to use – Different income tax rules
• Passing on the Family Company but Retaining Control
• Gifts on which there is an immediate IHT charge (s260 TCGA)

Who should attend

This webinar is intended for accountants in general practice who advise on tax planning and compliance.