Pre-Owned Assets and Estate Planning, 3rd Edition

PART I: SETTING THE SCENE

• Introduction
• IHT and reservation of benefit

• 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

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

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

• 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

• HMRC Guidance Notes (2008)
• CIOT/STEP Exchange of correspondence with HMRC (2005)
• CIOT/STEP COP 10 Letter—questions and answers (2006)
• Correspondence with HMRC on elections (October 2006)
• CIOT correspondence with HMRC on s.80 FA 2006(January 2007)
• ABI correspondence