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Core Tax Annual: Inheritance Tax 2018/19 [Paperback / softback]

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  • Format: Paperback / softback, 688 pages, height x width: 234x156 mm
  • Series: Core Tax Annuals
  • Pub. Date: 19-Jul-2018
  • Publisher: Bloomsbury Professional
  • ISBN-10: 1526505541
  • ISBN-13: 9781526505545
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  • Price: 129,90 €*
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Core Tax Annual: Inheritance Tax 2018/19Larger Image
  • Format: Paperback / softback, 688 pages, height x width: 234x156 mm
  • Series: Core Tax Annuals
  • Pub. Date: 19-Jul-2018
  • Publisher: Bloomsbury Professional
  • ISBN-10: 1526505541
  • ISBN-13: 9781526505545
Other books in subject:
Permanent link: https://www.kriso.ee/db/9781526505545.html
Inheritance Tax 2018/19 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 inheritance tax 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 2018/19 edition include: Domicile New and updated commentary, including on the changes to the deemed domicile rules for IHT purposes from 6 April 2017. Non-UK domicile and excluded property Updated guidance on the recently introduced changes to ensure that rights and interests in certain types of property are not excluded property to the extent that its value is attributable to a UK residential property interest. Case law including Barclays Wealth Trustees (Jersey) Ltd and another v Revenue and Customs [ 2017] EWCA Civ 1512 (excluded property), Routier and another v Revenue and Customs [ 2017] EWCA Civ 1584 (charity exemption), Marr v Collie (Bahamas) [ 2017] UKPC 17 (jointly held assets) and Palliser v Revenue and Customs [ 2018] UKUT 71 (LC) (valuation). Family home and residence nil rate band - Additional commentary including on HMRCs approach to the unwinding of home loan or double trust schemes, and the residence nil rate band and transferable allowance to spouses or civil partners. HMRC practice Including points from HMRCs Trusts and Estates newsletters.

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. Numerous worked examples demonstrate how to apply the main principles in practice and all examples are listed in a table at the beginning for quick navigation.

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Written by a team of experienced practitioners, the book explains even the most difficult points with great clarity, and includes chapters on lifetime planning, and wills and estate planning.
Preface v
Table of examples
xiii
Table of statutes
xxxi
Table of statutory instruments and other guidance
xxxiii
Table of cases
xxxvii
List of abbreviations
xlv
Chapter 1 Inheritance tax: introduction
1(26)
Signposts
1(1)
Background
2(1)
Who is liable?
2(1)
What is chargeable to IHT?
3(1)
Cumulation and the IHT threshold
3(1)
Rates of IHT
4(2)
Transfers of value
6(1)
Potentially exempt transfers
7(1)
Chargeable lifetime transfers
7(1)
IHT on death
8(1)
Excluded property
8(7)
Exemptions---summary
15(5)
Taper relief: outline
20(1)
Quick succession relief: outline
21(1)
Double taxation relief
22(1)
Close companies
23(4)
Chapter 2 Domicile
27(16)
Signposts
27(1)
Background
27(1)
Domicile under general law
28(4)
`Elective' and `deemed' domicile for IHT purposes
32(11)
Chapter 3 Transferable nil rate bands
43(36)
Signposts
43(1)
Background
44(2)
Outline of the rules
46(1)
Calculating the unused nil rate band
46(4)
Transfer claims
50(3)
Clawback of nil rate band
53(7)
Deaths before 25 July 1986
60(2)
Practical issues
62(3)
Planning issues
65(8)
Other issues
73(2)
Residence nil rate band
75(4)
Chapter 4 Lifetime transfers
79(24)
Signposts
79(1)
Introduction
79(1)
Exempt lifetime transfers
80(2)
Potentially exempt transfers
82(7)
Chargeable lifetime transfers
89(3)
Valuing lifetime transfers
92(2)
Gifts with reservation
94(1)
Associated operations
94(2)
Property added to multiple trusts on the same day
96(1)
Calculating IHT
97(3)
Reporting chargeable lifetime transfers
100(3)
Chapter 5 IHT on death
103(38)
Signposts
103(1)
Introduction
104(2)
Estate on death
106(5)
Liabilities
111(3)
Rules for amount or value of liability
114(5)
Asset valuations: outline
119(1)
Related property: introduction
120(1)
Calculating IHT on the death estate
121(5)
Chargeable and exempt estate
126(12)
IHT compliance
138(3)
Chapter 6 Valuation of assets
141(28)
Signposts
141(1)
General
141(6)
Related property
147(4)
Particular assets
151(18)
Chapter 7 Gifts with reservation of benefit
169(30)
Signposts
169(1)
Introduction
169(2)
Scope and effect of the GWR rules
171(18)
Exceptions and exclusions from charge
189(8)
GWR and double IHT relief
197(1)
GWR and `shearing' arrangements
198(1)
Chapter 8 Compliance
199(54)
Signposts
199(1)
Liability and incidence of tax
199(1)
Accounts and returns
200(18)
Excepted estates
218(5)
Particular compliance points
223(1)
Payment of IHT
224(4)
Disclosure of Tax Avoidance Schemes (DOTAS)
228(2)
Penalties
230(15)
Time limits for HMRC assessments
245(1)
Record keeping
245(1)
Determinations and appeals
246(7)
Chapter 9 Trusts: interest in possession
253(38)
Signposts
253(1)
IHT treatment
253(5)
IPDI
258(4)
Disposal of a qualifying interest in possession
262(2)
Termination of interest in possession
264(5)
Reversionary and purchased interests
269(4)
Transitional provisions, 2006--2008
273(5)
Excluded property trusts
278(6)
Insurance policy trusts
284(7)
Chapter 10 Relevant property trusts
291(72)
Signposts
291(1)
Types of discretionary or relevant property trusts
292(14)
The relevant property IHT regime
306(1)
Transfers into trust: the entry charge
307(8)
The proportionate or `exit' charge during the first ten years
315(17)
The periodic or `ten-year' charge
332(20)
The impact of APR and BPR
352(4)
The special charge under section 70
356(7)
Chapter 11 Exemptions and excluded property
363(26)
Signposts
363(1)
Introduction
363(3)
Lifetime exemptions
366(4)
Dispositions which are not transfers of value
370(3)
General exemptions
373(6)
Death exemption
379(2)
Excluded property
381(8)
Chapter 12 Reliefs -- General
389(26)
Signposts
389(1)
Introduction
389(1)
Taper relief
390(3)
Quick succession relief
393(2)
Related property relief
395(2)
Transfers within seven years before death
397(5)
Post-death reliefs
402(4)
Double taxation relief
406(2)
Double charges relief
408(1)
Woodlands relief
409(2)
Heritage property
411(4)
Chapter 13 Business property relief and agricultural property relief
415(48)
Signposts
415(1)
Scope of business property relief
415(11)
Conditions
426(11)
Valuation, excepted assets
437(4)
Scope of agricultural property relief
441(9)
Conditions for APR
450(8)
Loss of BPR and APR
458(5)
Chapter 14 Lifetime planning
463(28)
Signposts
463(1)
Use all the reliefs
463(6)
Individual Savings Accounts (ISAs), Inherited ISAs, Lifetime ISAs, Flexible ISAs and Innovative Finance ISAs
469(2)
Shares listed on the Alternative Investment Market (AIM) and other tax efficient investments
471(1)
Outright gifts
472(5)
Disabled persons trusts
477(7)
Protected gifts without trusts
484(2)
Traditional protected gifts
486(5)
Chapter 15 Wills and estate planning
491(34)
Signposts
491(1)
EU Succession Regulation No 650/2012
492(1)
The nil rate band
493(6)
The residence nil rate band
499(1)
Deferral of tax using spouse relief
500(6)
BPR, APR and woodlands relief
506(6)
Exempt gifts on death
512(4)
Policy trusts
516(1)
Post-death variations
517(8)
Chapter 16 The family home and residence nil rate band
525(56)
Signposts
525(1)
The family home
526(10)
Ownership
536(2)
Lifetime planning
538(8)
Will planning
546(15)
Residence nil rate band
561(13)
Downsizing and the residence nil rate band
574(7)
Chapter 17 Pre-owned assets
581(26)
Signposts
581(1)
Introduction
582(1)
The pre-owned assets charge on land
583(3)
The pre-owned assets charge on chattels
586(2)
Pre-owned assets charge on intangible property comprised in settlor-interested settlements
588(1)
Scope of the pre-owned assets legislation
589(1)
Calculation of tax charge in relation to land
590(1)
Calculation of tax charge in relation to chattels
591(2)
Calculation of tax charge in relation to intangible property
593(1)
Valuation problems
594(1)
Excluded transactions
595(1)
Exemptions
596(5)
`Opting out' of the pre-owned assets charge
601(1)
Remedial action in relation to existing arrangements
602(5)
Index 607
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.

Chris Erwood is a qualified associate of both the Chartered Institute of Taxation and STEP.