25 July 2007
A few weeks ago, having finished our discussion about my clients' business accounts, I enquired whether they had given any thought to IHT mitigation. The client and his wife both have capital and income in excess of their needs and are higher-rate taxpayers. Their daughter is resident abroad, but is UK domiciled. She owns several properties, some of which are mortgaged, and also equities. It is beneficial for her to forego her personal allowance to avoid paying higher rate tax on her dividends.
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