NOTE: This article was published in October 2015 and reflects the law as it stands on the date of publication and not at any later date. It is taken from a Lexis webinar presentation.

You can download the original presentation in PDF format by clicking this link.

GIFTS

• PETs
• Annual exemption and small gifts
• Spouse exemption
  • Equalising estates
• No intention to confer gratuitous benefit
• Dispositions for maintenance of family
• Gifts in consideration of marriage

RESERVATION OF BENEFIT

• Gift with reservation of benefit
• Gift of interest in land
• POAT charge
• Cash gifts
• Change of circumstances

FAMILY HOME

• Occupation for full consideration
• Gift of share to joint occupier
  • FA 1986, s. 102B
• Gift of part
• Sale for full consideration

MISCELLANEOUS ASSETS

• Second homes
• Rented property
  • Gift of share retaining rent
  • Grant of reversionary lease
• Chattels
• Business property

TRUSTS

• Nil rate band trusts
  • recycled every 7 years
  • exit at nil rate in first 10 years
• Normal expenditure out of income
• Business and agricultural property
• Discounted gift trust
• Life policies

WILL TRUSTS

• IPDI trusts
  • exempt for surviving spouse
  • outside relevant property regime
  • Termination by PET
• Nil rate band trust
  • versus TNRB
  • multiple nil rate bands
  • agricultural and business property
• 2-year discretionary trust

CHARITIES/VARIATIONS

• Charitable gifts
  • reduced rate
  • grossing up
• Post-death variations
  • requirements
  • freezer legacies
  • redirection to exempt beneficiaries