Planning for IHT on death
by Julie Clift
1. Is business property relief available?
2. The pre-owned assets tax rules
2.1. Calculating the benefit
2.2. Avoiding the charge
2.3. Effect of the election
3. Is the client domiciled in the UK?
3.1. Deemed domiciled
3.2. Excluded property
4. Is your client married or in a civil partnership?
4.1. Separation and divorce or dissolution of civil partnership
4.2. Non-domiciled spouse or civil partner
4.3. Transferable nil-rate band
5. Gifts to individuals - PETs
5.1. 7-year rules
5.2. Taper relief
6. Does your client have a will?
7. Reservation of benefit rules
8. IHT and the family home
8.1. Giving away the family home
8.2. Selling the family home
8.3. Passing on the home to a spouse or civil partner
8.4. Making use of the main residence nil-rate band
9. Advising your client
10. Gifts that are exempt from IHT
11. Is agricultural property relief available?
12. Is woodlands relief available?
13. Planning for IHT: the use of trusts
13.1. The purpose of a trust
13.2. When IHT may be due on trusts
14. Does your client own Heritage assets?
15. Planning for IHT: the benefits of life assurance policies