Personal tax - Inheritance tax
Not something anyone likes to talk about. But use of some simple paperwork can help reduce the Taxman's take
Models (20)
Failed potentially exempt transfer - fall in value claimGifts between individuals are potentially exempt transfers (PETs) for IHT purposes. This means that there's no IHT to pay at the time, but if you die within seven years the full value of the ... Read more
12 Dec 2016
Transferable nil rate band checklistWhen one spouse dies before the other, any unused nil rate band can be transferred to their surviving spouse. But HMRC will require details of the inheritance tax history of the first death in order to agree any cl... Read more
18 Mar 2015
Surplus income recordThere is an inheritance tax exemption for monetary gifts made out of your surplus income.The exemption relies heavily on identifying the amount of surplus income you have. A simple annual record can be used for this purpose.Gifts... Read more
08 Jan 2013
Lottery syndicate agreementAre you in a lottery syndicate? Did you know that any winnings (football pools, National Lottery etc.) by the syndicate leader are potentially chargeable to inheritance tax as part of their estate? So what do you need to pu... Read more
26 Aug 2009
Company trading status reportBusiness property relief is available on shares in unquoted companies if certain conditions are met. This means 100% of the market value of those shares will escape inheritance tax. However, HMRC can take this relief away... Read more
29 Jun 2009
Discretionary trust - letter of wishes to accompany a willUsing a letter of wishes can remove uncertainty for those looking after your money and assets after you die. One circumstance where a letter of wishes is espceically helpful is where your will... Read more
24 May 2009
Deed of assignment of life policyAs part of your estate planning you might want to transfer a life insurance policy to someone else, say a son or daughter. You can do this by assigning the benefits of the policy to them. Share your estateYou cannot g... Read more
25 Apr 2009
Deed of variationThe terms of a will can be varied by agreement among the beneficiaries so that the residue of an estate passes on different terms than those included in the will. This is known as a deed of variation. These are often used to improve ... Read more
27 Mar 2009
Company's option to buy/sell shares clauseIn the event of the untimely death of one of the major shareholders, the surviving shareholders probably won't want the shares to go to the deceased's beneficiaries unless they are already involved in running the... Read more
14 Mar 2009
Land and buildings tenancy in common declarationThere are various of reasons why you might want to own a property as tenants-in-common rather than as joint beneficial owners (also knows as joint tenants). Tax planning is often the motive. Joint benef... Read more
28 Feb 2009
