Home >
Taxation >
U.K. >
Pre-Owned Assets and Estate Planning, 3rd Edition

Pre-Owned Assets and Estate Planning, 3rd Edition

Author: Emma Chamberlain; Chris Whitehouse
Publisher: Sweet & Maxwell U.K.
ISBN: 9780414040113
Published In: November 2009
Format: Hardback
Jurisdiction: U.K. ? Disclaimer:
Countri(es) stated herein are used as reference only

Out of stock

Description
Contents

Details

The new 3rd edition takes into account the changes in 2006 and 2007 affecting foreign domiciliaries, reverter to settlor and new arrangements involving the family home and chattels. It also covers the new options for Inheritance Tax planning following the 2006 changes to Inheritance Tax and Pre-owned Assets Tax.

Explains the law relating to pre-owned assets tax and how it works in practice
Shows what mitigation strategies can be implemented on portfolios already containing IHT avoidance plans and how to deal with old schemes in the light of recent develop
Shows what strategies to use now to avoid POAT and reservation of benefit on future arrangements
Considers in particular the family home and chattels
Includes planning strategies, examples and precedents
Analyses the Pre-Owned Assets Tax problems for foreign domiciliaries resident in the UK
Uses diagrams, flowcharts, worked examples and calculations to describe situations

PART I: SETTING THE SCENE

Introduction
IHT and reservation of benefit

PART II: HOW THE LEGISLATION WORKS

The para. 3 charge on land
The para. 6 charge on chattels
Excluded transactions
Intangible property comprised in a settler-interested settlement: para .8
Main exemptions under the regime
Territorial scope
£5,000 annual exemption; de minimis and motive
Avoidance of double charges
Opt out elections into reservation of benefit
Regulations
Administration

PART III: PLANNING IN PRACTICE: REACTIVE PLANNING

Ingram schemes
Reversionary leases
Eversden schemes
Home loan arrangements
Reverter to settlor trusts

PART IV: PLANNING IN PRACTICE: PROACTIVE PLANNING

Regime implications for tax planning generally
Chattel arrangements
The family home
Insurance based arrangements
Cash gifts
Non domiciliaries
Businesses and farms

APPENDIX I: THE LEGISLATION

Finance Act 2004 s 84 and Sched 15 (the POAT legislation as amended).
Finance Act 2006 s 80
The Charge to Income Tax by Reference to Enjoyment of Property Previously Owned Regulations SI 2005/724
Income Tax (Benefits Received by Former Owner of Property)(Election for Inheritance Tax Treatment) Regulations: SI 2007/3000
The Inheritance Tax (Double Charges Relief) Regulations:SI 1987/1130
The Inheritance Tax (Double Charges Relief) Regulations:SI 2005/3441
Written Ministerial Statements of 7 and 8 March 2005 (dealing with the contents of the Regulations) and of 21 July 2005 dealing with relief from double charges

APPENDIX II: MATERIAL ISSUED BY HMRC