- 1. The Scope of the Book: Estate Planning Introduced
- 1.4.4 The purposive approach
- 1.4.5 Three recent taxpayer successes
- 1.5.7 Transactions in securities
- 1.5.12 The three disclosure regimes
- 1.5.13 Two offshore disclosure regimes: 2007 and 2009
- 1.6.1 ‘Spotlights’ and ‘Signposts’
- 2. Inheritance Tax Mitigation: The Basics
- 3. Making Gifts: Outright or Protected?
- 4. Trusts: Tax-Efficient Management
- 6. The Family Business
- 6.1.3 Capital Gains Tax angles
- 6.3.5 Entrepreneurs’ Relief: Furnished Holiday Lettings
- 6.4.1 Summary principles
- 8. Chattels
- 9. Investments
- 11. Pensions
- 11.2.2 Withdrawing benefits
- 11.2.3 Transitional provisions
- 11.2.4 Unregistered schemes
- 11.3.1 The basic rule
- 11.3.2 Tax relief
- 11.3.3 Scheme input periods
- 11.3.4 Occupational schemes
- 11.4.1 SIPPs and SSASs distinguished
- 11.4.3 Transactions with employers
- 11.5.2 Tax-free cash
- 11.5.5 Death benefits
- 11.5.6 Age 75: ASP or annuity purchase?
- 11.5.7 Maximise or minimise income in retirement?
- 12. Charitable Giving
- 15. Leaving the UK
- 15.2.1 Overview
- 15.2.4 Occasional residence abroad not enough
- 15.2.5 Full-time work abroad
- 15.2.6 Ordinary residence
- 16. Non-UK Domiciliaries Living in the UK
- 17. Offshore Trusts and Companies
- 18. Wills
- 20. Compliance
2 - Inheritance Tax Mitigation: The Basics
Chapter: 2 - Inheritance Tax Mitigation: The Basics
What is it?
2.10.1
Long gone are the days where the family unit might be generally understood as meaning husband, wife and 2.4 children. And in very many cases, the needs of what might be called ‘the extended family’ must be taken into account. However, for purposes of this Book I am concerned primarily with just two (or possibly three) generations and a fairly close-knit set of relationships. The older generation might be a married couple, a civil partnership, a couple living together or a single parent. The younger generation (if any) might be one or more children or step-children of any of the above, whether minors or aged 18 or over. The basic fiscal framework requires one to consider: (a) whether or not an IHT exemption, and indeed a CGT relief, applies on transfers of assets between members of the older generation; and (b) whether an anti-avoidance regime applies for income and CGT purposes for income and gains accruing to individual minor children or trustees for them.