IHT Planning - 24 November 2020
John Bunker, Solicitor of Irwin Mitchell, STEP member and Chair of the CIOT’s Succession Taxes Sub-Committee, will be presenting on IHT Planning.
Where are we now for IHT planning? What are the key opportunities for our clients to mitigate this tax, and how can trusts help? We will reflect on any changes in the Autumn Budget, and potential changes from the OTS reviews of IHT and CGT and consider the effective use of trusts for IHT planning in the current environment. Throughout, we will be concerned with the technical tax and trust details, as well as being practical in outlook.
We will explore:
- Where now for RNRB planning, and what this means for will drafting;
- A recap on the 5 (or 6) forms of Will trust for IHT purposes and their key features;
- Will Planning for spouses, including the use of Nil Rate Band discretionary trusts, and business and farm owners, whether qualifying for RNRB or not;
- Will Planning for unmarried families, and the use of IPDI trusts to secure RNRB for children;
- Variations by s142 and s144 are increasingly important, so how can they help secure the goals?
- Effective use of exemptions & reliefs, and advising in the light of the OTS Review of IHT in July 2019;
- Considering other elements of the OTS review, including the potential changes to CGT uplift and the business “trading threshold” and any interim report on their CGT review launched in July 2020; and
- Planning for trusts in the light of the 5th AMLD and the new TRS requirements.