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Sample Chapter

2 - Inheritance Tax Mitigation: The Basics

2.1 - Overview of the Chapter - and the Subject

2.1.1 - The main charges and definitions

2.1.2 - Death

2.1.3 - Dispositions which are not transfers of value

2.1.4 - Exempt transfers

2.1.5 - Reliefs

2.1.6 - Settlements

2.1.7 - Anti-avoidance

2.2 - The Basic Lifetime IHT Exemptions

2.2.1 - The principle

2.2.2 - Potentially exempt transfers (PETs)

2.2.3 - The spouse/civil partner exemption

2.2.4 - The annual exemption

2.2.5 - The £250 small gifts exemption

2.2.6 - Normal expenditure out of income

2.2.7 - The marriage/civil partnership exemption

2.2.8 - The charities exemption

2.2.9 - Gifts to political parties

2.2.10 - Gifts for national purposes

2.2.11 - Gifts of shares to employee trusts

2.2.12 - Estate Duty surviving spouse exemption

2.3 - The Use of Trusts

2.3.1 - A convenient recipient of lifetime gifts

2.3.2 - Settlor and spouse/civil partner should be excluded

2.3.3 - The key IHT distinction

2.3.4 - Impact of Finance Act 2006

2.4 - The Family Home(s)

2.4.1 - The problem

2.4.2 - Some solutions

2.5 - The Reliefs for Qualifying Business and Agricultural Property

2.5.1 - Outline description

2.5.2 - A comparison

2.6 - Chattels

2.6.1 - Overview

2.6.2 - Planned lifetime giving (without retention)

2.6.3 - Consider an effective gift of the chattel followed by continued enjoyment by the donor ‘for full consideration’

2.7 - Investments

2.8 - Life Assurance and Pension Arrangements

2.8.1 - Life Assurance

2.8.2 - Pensions

2.9 - Charitable Giving

2.9.1 - Inheritance tax

2.9.2 - Income tax

2.10 - The Family Unit

2.10.1 - What is it?

2.10.2 - Transfers between members of the older generation

2.10.3 - The Capital Gains Tax position

2.10.4 - Providing for children: income tax

2.10.5 - Providing for children: Capital Gains Tax

2.11 - Heritage Property

2.12 - The Foreign Element

2.12.1 - Excluded property: the IHT exemption for non-UK domiciliaries

2.12.2 - IHT mitigation for non-UK domiciliaries

2.12.3 - Non-UK domiciled settlors and excluded property settlements

2.13 - Two Anti-Avoidance Regimes

2.13.1 - Gifts with reservation of benefit

2.13.2 - The pre-owned assets regime

2.14 - Will Planning and Post-Death Rearrangements

2.14.1 - Wills

2.14.2 - Post-death rearrangements

2.15 - The Impact of Other Taxes

2.15.1 - Capital Gains Tax

2.15.2 - Stamp Duty Land Tax

2.15.3 - Value Added Tax

2.16 - Checklist

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Chapter: 2 - Inheritance Tax Mitigation: The Basics

Gifts for national purposes

2.2.10

Gifts to the National Trust etc (including Government Departments!) are exempt (IHTA 1984 s23: see IHTA 1984 Sch 3 for the list of bodies).

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