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Keep it in the family
Key points
- Maximise the residence nil rate band and remember the downsizing rules.
- Post-death planning can be carried out to reduce the inheritance tax bill.
- The sale value of a property can be substituted for the probate value under IHTA 1984 s 191.
- Benefits of using a deed of variation in estate planning.
- Expression of wishes can made to the pension scheme administrator to designate beneficiaries of a pension.
- Fresh wills will have to be made on marriage.
HMRC may be suffering a reduction in revenue from income tax during the pandemic but this is not likely to be the case with inheritance tax. An unfortunate effect of the pandemic is not only have more people died but many of those people will have died without taking any inheritance tax planning action.
Due to increasing property and investment values and a frozen nil rate band receipts from inheritance...
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