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Bloomsbury Professional Inheritance Tax 2021/22

Bloomsbury Professional Inheritance Tax 2021/22

Author: Mark McLaughlin; Iris Wunschmann-Lyall; Chris Erwood
Publisher: Bloomsbury Professional (formerly Tottel Publishing)
ISBN: 9781526518477

Previous Edition ISBN: 9781526514691
Published In: October 2021
Format: Paperback
Jurisdiction: U.K. ? Disclaimer:
Countri(es) stated herein are used as reference only

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Description
Contents

Details

Inheritance Tax 2021/22 provides a clearly structured analysis of the major inheritance tax (IHT) provisions together with the tips and planning techniques needed to apply them successfully and to avoid potential pitfalls. This essential guide to IHT helps you navigate progressively through the complexities of an increasingly difficult subject. It starts with the basic rules and principles before looking at topics in more depth. Whatever your level of expertise and experience, this book will be a valuable addition to your practice library.

Updates for the 2021/22 edition include:

HMRC confirm there will be no overarching reform to Trust taxation
HMRC consultation into how better to support taxpayers to fulfil their offshore tax obligations/compliance
IHT thresholds - References to the freezing of the nil rate band and the fixing of the residence nil rate band and taper threshold
IHT compliance - A change in HMRC's practice when handling applications for a clearance certificate (form IHT30)
Covid-19
Temporary easements for IHT compliance purposes resulting from difficulties caused by Covid-19
HMRC confirmed that payments under the coronavirus life assurance scheme are exempt from IHT

Case law – Including:

O'Neill v Holland (joint beneficial ownership between co-inhabitants)
Fantini v Scrutton & Ors (purported severance of a joint tenancy)
Cox (Executors) v HMRC [2020] UKFTT 442 TC (reinforces HMRC stance on on BPR denial for furnished holiday lettings)

This accessible reference guide has a user-friendly structure with 'signposts' at the beginning of each chapter to summarise key topics and 'focus points' throughout to highlight important issues, as well as numerous worked examples demonstrating how to apply the main principles in practice.

Chapter 1. Inheritance tax: introduction

Chapter 2. Domicile

Chapter 3. Transferable nil rate bands

Chapter 4. Lifetime transfers

Chapter 5. IHT on death

Chapter 6. Valuation of assets

Chapter 7. Gifts with reservation of benefit

Chapter 8. Compliance

Chapter 9. Trusts: interest in possession

Chapter 10. Relevant property trusts

Chapter 11. Exemptions and excluded property

Chapter 12. Reliefs – General