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by • October 10, 2015 • Inheritance TaxComments (0)261

INHERITANCE TAX – PLANNING TIPS, Oct 2015

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

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