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Escape the Tax Net with Effective IHT Planning

A Tips & Advice Special Report about...

In a nutshell

Inheritance tax (IHT) is perceived as the most unfair tax of all. It’s supposed to be a tax on the wealthy but with the nil-rate threshold frozen since 2009 many more ordinary families are being caught up in the IHT net.

In detail

Planning can help mitigate or remove exposure to IHT, but this is most effective when undertaken early. In this Special Report we cover planning strategies that are still effective later in life, including IHT-friendly investments, making effective use of exemptions, lifetime gifts, and drafting a will tax efficiently. Armed with this knowledge, you can take steps to ensure that more of your hard-earned wealth is left to your family, instead of HMRC. The advie and information is fully up to date and will guide you through all the essentials of this complex tax, making it far less daunting:

  • How to make the most of the available reliefs 
  • How to calculate your potential tax liability 
  • How to take full advantage of gifts 
  • Why proper estate planning is vital 
  • What time limits apply 
  • The pitfalls to watch out for 
  • Interaction with other reliefs

We've created this Tips & Advice Special Report especially for... 

Anyone who wants their estate to legitimately pay the least amount of IHT possible plus accountants and tax advisors involved in estate planning.

You'll get the following free extras with this Tips & Advice Special Report... 

An online wervice with ready-to-use documents

  • To immediately apply our advice and solutions in practice
  • That you can easily adapt to suit your own requirements

In this Tips & Advice Special Report you'll read about...

Table of contents

1. Overview of IHT in the UK

1.1. How is IHT charged?

1.2. Isn’t there a tax-free amount?

1.3. How do transfers between married couples work?

1.4. Haven’t I left it too late?

1.5. Are there non-tax reasons for making gifts in my lifetime?

2. Determining the nil rate bands

2.1. How much of the estate is covered by nil rate bands (NRBs)?

2.2. Who’s entitled to the NRB?

2.3. Can unused NRB be transferred?

2.4. What if there’s been more than one marriage?

2.5. What’s the residence nil rate band (RNRB)?

2.6. Who’s entitled to the RNRB?

2.7. What’s a direct descendant?

2.8. Can unused RNRB be transferred?

2.9. What about spouses that died pre-6 April 2017?

2.10. What if a property has been sold?

2.11. How can I maximise the RNRB?

3. Making IHT-efficient investments

3.1. How can certain investments help?

3.2. What conditions must be met to qualify for BPR?

3.3. What is relevant business property?

3.4. Who can invest?

3.5. Are there any other tax benefits to these investments?

3.6. What about my private pensions?

3.7. Is tax payable on an inherited private pension?

3.8. What about defined benefit pensions?

3.9. Are there products that can save IHT quickly?

3.10. What about life insurance?

4. IHT-efficient lifetime gifts

4.1. Don’t I have to survive seven years for lifetime gifts to be exempt?

4.2. Should I keep records?

4.3. What are gifts out of surplus income?

4.4. What conditions need to be met?

4.5. How can I evidence that gifts are affordable etc?

4.6. How much can be gifted?

4.7. What’s the impact of gifts made outside these exemptions?

4.8. What counts as a gift?

4.9. What are the consequences if I die within seven years?

4.10. Isn’t there a relief for failed PETs?

4.11. How do I determine the value of non-cash gifts?

4.12. Should I gift assets that qualify for business property relief (BPR)?

5. Capital gains tax and other considerations

5.1. Is there a capital gains tax (CGT) charge on death?

5.2. When is it better to pay CGT?

5.3. When is it beneficial to obtain the CGT uplift instead?

5.4. What about CGT between spouses?

5.5. Can the CGT uplift apply to spouses?

5.6. Can I gift an asset and continue to use it?

5.7. Is there a legitimate way to get around the gift with reservation rules on the family home?

5.8. Is there anything else I can do with the main home?

5.9. Could I sell the property and gift cash to the children?

5.10. Could I sell an asset to my children as an alternative?

5.11. What’s the impact of loaning or borrowing money?

6. Planning tips for non-domiciled individuals

6.1. Why is domicile important for IHT?

6.2. What are UK situs assets?

6.3. What if I become deemed domicile?

6.4. Can I get rid of a deemed UK domicile?

6.5. How do I shed my UK domicile?

6.6. What can I do before becoming deemed UK domiciled?

6.7. What about transfers to my spouse?

6.8. What is the election?

6.9. Is it worthwhile?

6.10. Is there anything else to keep in mind?

7. The death estate and post-death planning

7.1. What happens to the assets on death?

7.2. What is probate?

7.3. When is the IHT due?

7.4. How can I ensure my will is IHT efficient?

7.5. Isn’t there a 36% rate of IHT?

7.6. Is there anything I can do if someone has died and their will is not IHT efficient?

8. Appendices

8.1. Appendix 1 - Location of property

8.2. Appendix 2 - HMRC guidance on inheriting a private pension

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