Inheritance Tax

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

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

What is the limit when deciding if a provider of land is eligible for business property relief?

A husband and wife operate their consultancy through a limited company. They have purchased a small buy-to-let portfolio using directors’ loans

Trustees of PL Travers will trust (TC2830)

A client owns some farmland, but this  is subject to an Agricultural Holdings Act tenancy and consequently will attract only 50% agricultural property relief against inheritance tax

How should the works created by an artist be valued in the accounts that are prepared up to the date of his death?