Inheritance Tax - Lifetime transfers and the death estate is a comprehensive guide to all the issues faced in preparing lifetime transfer calculations, preparing the death estate and any related inheritance tax due, and advising clients on the associated inheritance tax issues.
Written in clear, concise language, the book is easy to understand by both seasoned practitioners and those new to the tax. The text is peppered with practical, understandable and relevant examples, and is fully cross referenced to the inheritance tax legislation, HMRC guidance and case law. Essential reading for accountants, solicitors, probate practitioners, drafters of wills, and anyone needing detailed and practical commentary on the law applying to inheritance tax.
The book is structured in the same order as a complex death estate would need to be approached; the lifetime gifting considered first, and then the death estate. In both sections, valuation issues, exemptions and reliefs and other complications are succinctly covered. Extended examples show the practical application of the more complicated issues and areas. Most chapters conclude with a section on pitfalls and practical, realistic tax planning opportunities.
An excellent book that sets out complex issues with great clarity and will be of interest both to the novice as well as to the experienced practitioner. TAXline - Feburary 2021.
The references and examples were particularly useful in applying the law to practical matters that arise in the office when dealing with IHT.
LawSkills - April 2021 (full review here
Megan Saksida BA, FCA, CTA, TEP is a freelance tax lecturer and examiner. Read more here
Contents include the following chapters (and see PDF of more detailed table of contents below):
- Introduction to IHT
- Exempt transfers in life
- Excluded property
- Relief for business property
- Agricultural property relief
- Fall-in-value relief
- Nil rate bands during life
- Interactions with CGT
- Lifetime transfers
- The residence nil rate band
- Lifetime transfers at death
- Business and agricultural relief at death
- Valuation of assets in the death estate
- Post mortem reliefs
- Quick succession relief
- Other exemptions and reliefs
- Gifts to charity
- Calculation of the death estate
- Gifts with reservation
- Pre-owned assets tax
- Domicile and deemed domicile
- Instruments of variation and disclaimers
- Close companies
- Spreading provisions
- Grossing and double grossing
- Heritage property
- IHT avoidance (DOTAS, follower notices, APN)
- Administration of IHT
- Payment of IHT
Inheritance Tax - Lifetime Transfers and the Death Estate