Inheritance Tax 2020/21 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 2020/21 edition include:
- IHT simplification The OTS reports on IHT simplification and the all-party parliamentary group (Inheritance & Intergenerational fairness) report on the reform of IHT - IHT relief Finance Act 2020 provisions for IHT relief in respect of Kindertransport Fund and Windrush - Compensation Scheme payments - Excluded property etc Finance Act 2020 changes on additions of offshore property to trusts and the domicile of the settlor - Settled property Finance Act 2020 legislation to provide that transfers between trusts are subject to additional conditions for the purposes of excluded property status - HMRC view of deliberate behaviour when considering penalties - Child Trust Funds (Amendment) Regulations 2020 and Individual Savings Account (Amendment) Regulations 2020 and their effects
Case law including - Shelford & Ors v Revenue and Customs Double trust/IOU schemes - Routier & Anor v Revenue and Customs Gifts to charities - Banks v Revenue and Customs Political donations - Scarle James Deceased, the Estate of v Scarle Marjorie Deceased, the Estate of Survivorship - Land Tribunals decision in Foster v Revenue and Customs - Land valuation - Margaret Vincent v HMRC - Right to occupy - Charnley & Hodgkinson Executors of Thomas Gill (deceased) v HMRC - Farming by reference to others
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.
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A clearly structured analysis of the major inheritance tax provisions together with relevant tips, pitfalls and planning techniques needed to apply them successfully.
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
Chapter 13 Business property relief and agricultural property relief
Chapter 14 Lifetime planning
Chapter 15 Wills and estate planning
Chapter 16 The family home and residence nil rate band
Chapter 17 Pre-owned assets
Mark McLaughlin is a consultant with his own practice, Mark McLaughlin Associates Ltd, which provides tax consultancy and support services to professional firms throughout the UK. He is a fellow of the CIOT and a member of the ATT and STEP.
Iris Wünschmann-Lyall is a solicitor and specialises in estate planning, trusts, probate and tax related matters and is a Registered Trust and Estate Practitioner.
Chris Erwood is a qualified associate of both the Chartered Institute of Taxation and STEP.
