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Meeting points
STEP Spring Conference 2017
Date: May 2017
Location: London
Reported by: Geraint Jones BKL
Speakers reported:
Chris Whitehouse 5 Stone Buildings
Lucy Obrey Higgs & Sons
Peter Rayney Peter Rayney Tax Consulting Ltd
Professor Lesley King professional development consultant for the University of Law
Inheritance tax planning
Chris Whitehouse highlighted several tax planning opportunities to reduce potential inheritance tax including the use of reversionary leases. By way of example the taxpayer would grant a 199-year reversionary lease that takes effect in 20 years. This would reduce the current value of the property by about 50% which would be a potentially exempt transfer (PET). As the years passed the property’s value would diminish progressively each year. Those diminutions would not be PETs. Thus as the taxpayer approaches old age the estate value of their property diminishes for...
