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Off-the-Shelf IHT-Saving Solutions

A Tips & Advice book about... 

In a nutshell

This book shows you how to cut your IHT bill while providing a lifetime income. It offers you a range of the most successful off-the-shelf schemes, all of which are accepted by HMRC. Structured in an easy-to-follow way with practical examples, you'll see just how much tax you can save.

In detail

Inheritance tax now affects more people than ever. If you don't plan ahead, part of your estate could go to HMRC rather than your beneficiaries. The good news is that there's a range of off-the-shelf schemes that can help. This book analyses each of these schemes in a structured way:

  • How the scheme works and where can you get it
  • How much tax you can save
  • Practical implications to consider
  • Financial consequences for both donor and beneficiary
  • Pros and cons of the scheme

With this book, you'll have all the answers you're looking for within easy reach. It will ensure your IHT bill is kept to the minimum.

We've created this Tips & Advice book especially for... 

Company directors, entrepreneurs and anyone that want to:

  • Pass on more of their estate whilst avoiding HMRC’s reach

Tax advisors that want to:

  • Give the right advice to help their client legitimately reduce or avoid inheritance tax

In this Tips & Advice book you'll read about...

Table of contents

Fixed-interest discounted gift schemes - giving away capital in exchange for income

Section 1: Introduction

Solution to the gifts with reservation restrictions

How does it work?

Section 2: Tax

The donor

The beneficiaries

Section 3: Practical considerations

Who can do this?

When can it be done?

What are the lower or upper limits?

What are time limits for using a scheme?

What is the availability?

What about accessibility to capital and income?

Section 4: Financial consequences

The donor

The beneficiaries

Is there a risk to the capital?

Section 5: Examples

Example 1

Section 6: Pros & cons

Advantages

Disadvantages

Flexible-interest discounted gift schemes - giving away capital in exchange for income

Section 1: Introduction

Solution

How does the scheme work?

Is any IHT payable on setting up the scheme?

What access is there to the money in the scheme?

Section 2: Tax

The donor

The beneficiaries

Section 3: Practical considerations

Who can use flexible discounted gift schemes?

When can it be done?

What are the lower or upper limits?

What are time limits for using a scheme?

What is the availability?

What about accessibility to capital and income?

Section 4: Financial consequences

The donor

The beneficiaries

Is there a risk to the capital?

Section 5: Examples

Example 1

Example 2

Section 6: Pros & cons

Advantages

Disadvantages

Investing in unquoted companies - using IHT business property relief to shelter your estate

Section 1: Introduction

Solution

Section 2: Tax

The donor

The beneficiaries

Section 3: Practical considerations

Who can do this?

When can it be done?

What are the lower and upper limits?

What are the time limits?

What is the availability?

What about accessibility to your capital and income?

Section 4: Financial consequences

The donor

The beneficiaries

Is there a risk to the capital?

Section 5: Examples

Example 1 - IHT savings

Example 2 - BPR qualifying period of ownership

Section 6: Pros & cons

Advantages

Disadvantages

Investing in woodlands - using woodlands, agricultural and business property relief to shelter your estate from IHT

Section 1: Introduction

Solution

How does it work?

Section 2: Tax

The donor

The beneficiaries

Section 3: Practical considerations

Who can do this?

When can it be done?

What are the lower and upper investment limits?

What are the time limits for using this scheme?

What is the availability?

What about accessibility to capital and income?

Section 4: Financial consequences

The donor

The beneficiaries

Section 5: Examples

Section 6: Pros & cons

Advantages

Disadvantages

A fixed interest loan trust - capping your estate while keeping access to income

Section 1: Introduction

Solution

How does the scheme work?

Section 2: Tax

The donor

The beneficiaries

Section 3: Practical considerations

Who can do this?

When can it be done?

What are the lower or upper limits?

What time limits apply?

What is the availability?

What about accessibility?

Section 4: Financial consequences

The donor

The beneficiaries

Is there a risk to the capital?

Section 5: Examples

Example 1 - loan repaid in full

Example 2 - loan not repaid

Section 6: Pros & cons

Advantages

Disadvantages

A flexible interest loan trust - capping your estate while keeping access to income

Section 1: Introduction

Solution

How does the scheme work?

Section 2: Tax

The donor

The trustees

The beneficiaries

Section 3: Practical considerations

Who can do this?

When can it be done?

What are the lower or upper limits?

What time limits apply?

What is the availability?

What about accessibility?

Section 4: Financial consequences

The donor

The beneficiaries

Is there a risk to the capital?

Section 5: Examples

Example 1 - basic scheme arrangements

Example 2 - joint loan trust scheme

Section 6: Pros & cons

Advantages

Disadvantages

Avoiding tax on pension death benefits

Section 1: Introduction

Potential solution

Section 2: Tax

The donor

The beneficiaries

Section 3: Practical considerations

Who can use a bypass trust?

When and how can it be done?

What are the lower or upper limits?

Are there time limits or other limitations?

What is the availability?

What about accessibility?

Section 4: Financial consequences

The donor

The beneficiaries

Is there a risk to the capital?

Section 5: Examples

Example 1 - IHT periodic charge

Example 2

Example 3

Section 6: Pros & cons

Advantages

Disadvantages

Life insurance as cover for IHT bills - for those who can’t afford to give away assets but want to reduce their estate for IHT purposes

Section 1: Introduction

Solution

Section 2: Tax

The donor

The beneficiaries

Section 3: Practical considerations

Who can do this?

When can it be done?

Are there lower or upper limits?

What are the time limits?

What is the availability?

What about accessibility?

Choosing the right policy

Section 4: financial consequences

The donor

The beneficiaries

Is there a risk to the capital?

Section 5: Examples

Example 1 - term assurance

Section 6: Pros & cons

Advantages

Disadvantages

Reversionary trusts - using a trust which offers regular access to capital

Section 1: Introduction

Solution

Section 2: Tax

The donor

The trustees

The beneficiaries

Section 3: Practical considerations

Who can do this?

When can it be done?

What are the lower or upper limits?

What are the time limits for using the scheme?

What is the availability?

What about accessibility?

Section 4: financial consequences

The donor

The beneficiaries

Is there a risk to the capital?

Section 5: Examples

Example 1 - the flexible nature of the scheme

Example 2 - tax on a bond distribution

Section 6: Pros & cons

Advantages

Disadvantages

Family loans - creating IHT-free wealth for your beneficiaries

Section 1: Introduction

Solution

How does the scheme work?

Section 2: Tax

The donor

The beneficiaries

Section 3: Practical considerations

Who can do this?

When can it be done?

What are the lower or upper limits?

What are the time limits for using the scheme?

What is the availability?

What about accessibility?

Section 4: Financial consequences

The donor

The beneficiaries

Is there a risk to the capital?

Section 5: Examples

Gordon

Gordon’s son

Section 6: Pros & cons

Advantages

Disadvantages

Appendices

Appendix 1 - Income tax rates applicable to trusts

Income tax rates on the first £1,000 of accumulation or discretionary trust income

Tax rates on accumulation or discretionary trust income (over £1,000)

Tax rates on a non-discretionary trust

Appendix 2 - Capital gains tax rates applicable to trusts

Appendix 3 - Taxation of life insurance bonds - chargeable events

Individuals

Trusts

Appendix 4 - List of companies

Life insurance companies offering IHT-saving policies and products

Investment companies offering IHT-efficient business investment

Companies offering investments in forests and woodland

Appendix 5 - Inheritance tax on pension benefits

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