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2 - Inheritance Tax Mitigation: The Basics

2.1 - Overview of the Chapter - and the Subject

2.1.1 - A brief perspective

2.1.2 - The main charges and definitions

2.1.3 - Death

2.1.4 - Dispositions which are not transfers of value

2.1.5 - Exempt transfers

2.1.6 - Reliefs

2.1.7 - Settlements

2.1.8 - 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 of shares to employee trusts

2.2.10 - Gifts for national purposes

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 - Business Property Relief

2.5.3 - Agricultural property relief

2.5.4 - A comparison

2.6 - Chattels

2.6.1 - Overview

2.6.2 - Planned lifetime giving (without retention)

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

2.7 - Investments

2.7.1 - Scope of the expression

2.7.2 - Alternative strategies

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 and Capital Gains Tax

2.9.3 - Territorial scope

2.10 - The Family Unit

2.10.1 - What is it?

2.10.2 - Transfers between members of the older generation: Inheritance Tax

2.10.3 - Transfers between spouses/civil partners: the Capital Gains Tax position

2.10.4 - Providing for children: Income Tax

2.10.5 - Providing for children: Capital Gains Tax

2.10.6 - Providing for children: Inheritance 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 - Will Planning and Post-Death Rearrangements

2.13.1 - Wills

2.13.2 - Post-death rearrangements

2.14 - The Impact of Other Taxes

2.14.1 - The possibility of conflicting IHT and CGT considerations

2.14.2 - Capital Gains Tax

2.14.3 - Stamp Duty Land Tax

2.14.4 - Value Added Tax

2.15 - Checklist

DISCLAIMER

Every effort has been taken to ensure the accuracy of the contents of the Publication. However, Matthew Hutton cannot accept any responsibility for any loss occasioned to any person acting or refraining from action in reliance on any statement contained in the Publication.

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