A comprehensive guide to all the issues faced in preparing lifetime transfer calculations, calculating 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. Available on its own or as part of a discounted bundle.
“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).
Contents (in brief)
Introduction to IHT
Exempt transfers in life
Relief for business property
Agricultural property relief
Nil rate bands during life
Interactions with CGT
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
Grossing and double grossing
IHT avoidance (DOTAS, follower notices, APN)
Administration of IHT
Payment of IHT
New for this edition
case law re investment or trading
pitfall re cumulative transfers to spouses or civil partners
extension of freeze of residence nil-rate band
official rate of interest changes
family investment companies – commentary updated re statutory changes
changes to interest rates for late payments and for repayments