IHT

Business Property Relief (BPR) is a valuable inheritance tax relief, offering up to 100% relief against inheritance tax on qualifying business assets.

The inheritance tax case of Buzzoni and Others v HMRC concerning gifts with reservation of benefit was recently heard in the Court of Appeal.

I refer here to interest free loans (repayable on demand) to family members (thus gratuitous) where the interest foregone is deemed to be a gift for IHT purposes (according to IHTM14317).

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An increase in home ownership rates and property prices has created a windfall for millions of Britons – and underscored the need for people to plan for inheritance.

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Primary Points of Interest

Can you help me about inheritance Tax and Interests in Possession:

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Have come across the following situation.

An individual settles unquoted shares in a property investment company on discretionary trusts. The value is circa £50k and he has not previously made chargeable lifetime transfers.

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Do I need to complete IHT 100 forms for trusts when no tax payable for 10 year anniversaries or paying out the assets from discretionary trust?

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Tolley takes a look at some of the practical effects of the new IHT provisions in Finance Bill 2013 and explains how best to prepare for the changes.

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