M Scott (TC4455)
What are the potential liabilities on gifts made to an Irish resident?
IHT business property relief on AIM shares can be lost easily
Inheritance tax implications of a gift of money and the receipt of rent-free housing
Giles v Royal National Institute for the Blind and others, Chancery Division
By John Woolley; £94.50; paperback; 459 pages inc. index; Claritax Books
The inheritance tax (IHT) exempt amount a UK-domiciled individual can transfer to a non-domiciled spouse or civil partner is to be increased.
There is currently a lifetime limit of £55,000 on the value of the assets that can be transferred free of IHT when the spouse or civil partner to whom the assets are transferred does not have a UK domicile.
New rules to be introduced in Finance Bill 2013 will raise the cap to the level of the prevailing nil-rate band.
Mitigating potential inheritance tax liabilities by giving away a main residence is a relatively common tax strategy. However, what terms should be included in a leaseback from the donee such that there will not be a gift with reservation of benefit?
The inheritance tax proposals for transfers to a non-domiciled spouse or civil partner