Hutton eBook -

Hutton Updates

1. The Scope of the Book: Estate Planning Introduced

2. Inheritance Tax Mitigation: The Basics

2.14.4 Value Added Tax

3. Making Gifts: Outright or Protected?

4. Trusts: Tax-Efficient Management

5. The Family Home(s)

6. The Family Business

9. Investments

10. Life Assurance

10.5.3 Flexible Reversionary Trusts (FRTs)

11. Pensions

12. Charitable Giving

13. The Family Unit

15. Leaving the UK

16. Non-UK Domiciliaries Living in the UK

17. Offshore Trusts and Companies

18. Wills

19. Post-death Planning

19.4.10 Relief for sales of land within four years after death

20. Compliance

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Hutton Updates

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Book

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

2.1.4 - 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

2.2.11 - 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

2.5.4 - A comparison

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

2.8 - 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

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 - Will Planning and Post-Death Rearrangements

2.13.2 - Post-death rearrangements

2.14 - The Impact of Other Taxes

2.14.1 - Possibility of conflicting IHT & CGT considerations

2.14.2 - Capital Gains Tax

2.14.3 - Stamp Duty Land Tax

2.14.4 - Value Added Tax

2.15 - Checklist

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Chapter: 2 - Inheritance Tax Mitigation: The Basics

Inheritance tax

2.9.1

The IHT exemption for gifts to charities was outlined at 2.2.8 and is explored further at 12.2 and 12.3.

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