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Inheritance Tax: Lifetime Transfers and the Death Estate 2023-24

Inheritance Tax: Lifetime Transfers and the Death Estate 2023-24

Author: Megan Saksida
Publisher: Claritax Books
ISBN: 9781912386819

Previous Edition ISBN: 9781912386543
Published In: May 2023
Format: Paperback
Jurisdiction: U.K. ? Disclaimer:
Countri(es) stated herein are used as reference only

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Description
Contents

Details

A comprehensive guide to all the issues faced in preparing lifetime transfer calculations, calculating the death estate and any related inheritance tax due, and advising clients on the associated inheritance tax issues.

Written in clear, concise language, the book is easy to understand by both seasoned practitioners and those new to the tax. The text is peppered with practical, understandable and relevant examples, and is fully cross referenced to the inheritance tax legislation, HMRC guidance and case law. Essential reading for accountants, solicitors, probate practitioners, drafters of wills, and anyone needing detailed and practical commentary on the law applying to inheritance tax.

The book is structured in the same order as a complex death estate would need to be approached; the lifetime gifting considered first, and then the death estate. In both sections, valuation issues, exemptions and reliefs and other complications are succinctly covered. Extended examples show the practical application of the more complicated issues and areas. Most chapters conclude with a section on pitfalls and practical, realistic tax planning opportunities.

New for this edition:

case law re investment or trading
pitfall re cumulative transfers to spouses or civil partners
extension of freeze of residence nil-rate band
official rate of interest changes
family investment companies – commentary updated re statutory changes
changes to interest rates for late payments and for repayments

Introduction to IHT

Exempt transfers in life

Excluded property

Relief for business property

Agricultural property relief

Fall-in-value relief

Nil rate bands during life

Interactions with CGT

Lifetime transfers

The residence nil rate band

Lifetime transfers at death

Business and agricultural relief at death