Inheritance Tax

An Australian citizen is UK resident, but domiciled in Australia. She has inherited a “long-term income stream annuity”, which started in 2002 and will last for 15 years

To mitigate income tax liability, a client transferred commercial property into the joint names of himself and his wife. However, only his share is eligible to capital gains tax entrepreneurs’ relief

The inheritance tax implications of pension trusts

Tax planning for loving couples

Who pays what when considering settlor-interested discretionary trusts, and who is repaid what?

A client’s will contained a nil-rate band discretionary trust clause and the residue of  the estate was left to the widow of the deceased. The estate is below £325,000 and there is doubt as to the entitlement of income from the main estate asset, a property

Minimising inheritance tax on family assets

HMRC’s trusts and estates section has made changes to its inheritance tax (IHT) compliance checks in an effort to streamline the process and encourage collaborative working with taxpayers.

The Revenue aims to send an initial letter within eight to ten weeks of receipt of an account to explain it has been selected for a check. The case will then be allocated to an investigator, the contact point for all subsequent communication.

Does the working farmer relief apply to property transferred on the death of a husband to his wife, who was a partner in a farming business?

Benefits of incorporation when succession planning

By John Woolley; £94.50; paperback; 459 pages inc. index; Claritax Books

Be certain clients’ inheritance tax planning takes full account of business property relief