Inheritance Tax– Update, Tax Planning and Tax Traps

• Review of key IHT principles, including (at the moment) the importance of domicile status
• Will planning
  • Transferable nil rate band
  • Use of trusts
  • Deeds of variation and of appointment
• Understanding the residence nil rate band
  • When it is available
  • Transferability between spouses / civil partners
  • The complex ‘downsizing’ provisions
• Business Property Relief (BPR) and Agricultural Property Relief (APR)
  • Main conditions
  • Problems with cash-rich businesses or those deriving value from L&B
  • Partnership structures and why they sometimes don’t work
  • Pre-death planning
  • Recent cases
• FA 2020 changes to ‘excluded property’ rules
• March 2024 Budget
  • Proposed new IHT regime, based on residence rather than domicile status

The Trainer is a Chartered Accountant who qualified with PwC in 1988, spending his last 18 months there in the Corporate Tax department.

In 1989 he joined a leading financial training company as a tax tutor, teaching final level candidates for the ICAEW and ACCA examinations. Since 1992, he has been self-employed as a Professional Tutor and Training Consultant, specialising in tax update courses for accountants, lawyers and investment managers.

The Trainer has been teaching in the financial services industry since 1994. Although he concentrates on the professional development market these days, he is very experienced in teaching stock brokers, fund managers and financial advisors for their various regulatory examinations.

As a result, he is a tax specialist with (unusually) a very rounded knowledge of financial services products and markets. In 2012 this led to him undertaking Gapfill courses for the CISI.
He is a regular contributor to Tax Insider magazine and speaks at regional conferences of the ICAEW and CIOT.

This course will bring delegates up-to-date on:

• The impact on Will planning of the inheritance tax (IHT) residential nil rate band and ‘downsizing’ provisions
• The latest developments in the business reliefs for IHT
• The key IHT planning points and problems arising from the proposed reform of IHT, which will make it a residence-based tax
• Recent case law, HMRC guidance and other developments

• Trainer is a Chartered Accountant with over 30 years’ experience in tax training
• The course includes discussion of a wide range of tax cases in this area
• There are many numbers-based practical examples to aid understanding of potential tax exposure
• Tax tips and traps are highlighted throughout

• All relevant issues from the 2024 Finance Acts will be covered

This lecture will update you on the changes that have taken place in recent years and also review many cases, to demonstrate some of the practical problems that you may come across. Throughout, emphasis will be given to traps that can catch out the unwary.

The course will look at many ways for you to save your client tax; these generally involve having a good understanding of what are often detailed rules and, crucially, planning well in advance of a disposal or transfer.